The French government has adopted a decision to establish a fund worth 100 million euros aimed at supporting new biotechnology companies, stated French Prime Minister Edouard Philippe.
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The French state bank BpiFrance and pharmaceutical manufacturer Sanofi will each invest 50 million euros in the fund, the government said on Tuesday, according to Reuters.
They also added that the fund’s value could reach 250 million euros, depending on the interest from other potential investors.
They announced that by 2022, they will accelerate the approval process for new prescription drugs to 180 days, from the current 275 days, in order to comply with European Union regulations.
