Byline: Neal Sandler in Tel Aviv
Israel's largest pharmaceutical company has teamed with two of the country's top venture capital firms and another investor to create a drug development company.
Teva Pharmaceutical Industries Ltd. has joined with Giza Venture Capital, Pitango Venture Capital and Hadasit Ltd., a subsidiary of Jerusalem-based Hadassah Medical Organization, to found Bioline Therapeutics Ltd.
The partners have put up $11 million in an initial investment in Bioline Therapeutics. The Jerusalem-based company will bring research done at Israeli institutions to the commercial stage.
The venture is modeled after Britain's Shire …