Dáil Éireann Debate, Tuesday - 16 June 2015
245. Deputy Frank Feighan asked the Minister for Finance the investments made through the National Pensions Reserve Fund, the Ireland Strategic Investment Fund, and the Innovation Fund Ireland in biotechnology start-up companies since 2011; if he will project the long-term employment dividend that is expected to result from these investments; if he will provide relevant data (details supplied); and if he will make a statement on the matter. [23270/15]
View answerInnovation Fund Ireland is a Government initiative led by Enterprise Ireland and the Ireland Strategic Investment Fund (ISIF) formerly the National Pensions Reserve Fund (NPRF*) to attract leading international venture capital managers to Ireland and to increase the availability of capital to Irish early stage and high growth companies, with a particular focus on the technology and healthcare sectors. The ISIF has advised that it has allocated €125 million to this initiative and made 7 investment commitments to venture capital fund managers totalling €114 million.
The NPRF/ISIF separately invested in a number of Irish domestic focused venture capital funds, also operating primarily in the technology and healthcare sectors. Eight early stage Irish pharma/biotech companies have been supported indirectly in this manner to date by the NPRF/ISIF, either via the Innovation Fund Ireland initiative or via investment by the domestic focused venture capital funds.
The companies indirectly supported by the NPRF/ISIF in this manner are as follows:
Amarin Corporation
Trino Therapeutics
Opsona Therapeutics
Genable Technologies
Alexo Therapeutics
Heart Metabolics
Prothena Corporation
Innocoll
In March 2015 the ISIF completed an investment in shares of Malin Corporation plc, a global healthcare company headquartered in Dublin. Malin has invested in the following early stage Irish pharma/biotech companies in which the ISIF accordingly has an indirect exposure as a Malin shareholder. Further details can be found on http://malinplc.com/
Altan Pharma
An²H Discovery
The ISIF intends to publish aggregate portfolio level economic impact data in respect of its investments and the first economic impact report is expected to be published in the coming weeks. For reasons of commercial sensitivity, individual company data will not be published.
*On 22 December 2014 the assets of the NPRF transferred to become assets of the Ireland Strategic Investment Fund (ISIF). The ISIF's mandate is to invest on a commercial basis to support economic activity and employment in Ireland.
