The companies submitted a joint bid to run the incubator and started a JV for it called Inspire Healthcare Innovations, according to Globes. The program is run under the auspices of Israel’s chief scientist’s office, according to the report.
"This complements Philips’ commitment to the Israeli life sciences committee," Philips Medical Systems Israel general manager Guido Pardo Roques told the newspaper. "The incubator will not be limited to pharmaceuticals, but will also be engaged in medical devices."
The incubator’s chief technology officer, Daniel Reisfeld, is already scouting for potential investments, according to his LinkedIn profile.
Pardo Roques said Philips is likely in the hunt for more acquisitions in Israel, according to Globes.
"I am not satisfied by the pace of acquisitions, but I hear that the company is very enthusiastic about more acquisitions, and when Philips buys, it doesn’t just suck up the technology here, but expands and develops it. Philips makes purchases from Israel to the tune of hundreds of millions of dollars a year," he said.