The biotechnology development headquarter signed an agreement with Actoverco Co. to create accelerators on turning creative pharmaceutical and food-related ideas into valuable products.

According to the public relations and information center of the Vice-Presidency for science and technology affairs, the biotechnology development headquarter signed an agreement with Actoverco Co. to create and establish a private accelerator in the area of pharmaceutical and food-related products.

The biotechnology development headquarter, Actoverco Co. and Laziz Amadeh Food Co. agreed on the formation of an accelerator and laying the foundation for newly developed companies, aiming at turning creative ideas into valuable products. In this regard, a minimum of 10 teams will be based in the accelerator and will initiate their activities by receiving the financial support for research and development.

In addition, with regard to the proper infrastructures of Actoverco Co. and its subsidiary companies, another agreement was signed with the agreement of the biotechnology development headquarter with the goal of participation in industrial production of goods. In this agreement, it was decided to provide a package of products encompassing the best outputs and products obtained from the activities of the cooperating accelerators to Actoverco Co., and in case of a final agreement, the mass production of goods and their introduction to the market will be carried out by the financial support of the biotechnology development headquarter.

Currently, the biotechnology development headquarter has established more than 10 specialized accelerators in the field of biotechnology by the support of the Vice-Presidency and by interacting with prominent companies in the biotechnology field and with the goal of flourishing top ideas and supporting new knowledge-based companies.