France's FSI could invest 100M euros in biotechs

The French government is actively considering the provision of funding for the biotechnology industry, which is hit by limited access to R&D  capital in the current economic downturn (see also page 2). Investment  in the sector fell 79% to 143.0 million euros ($190.4 million) in 2008,  the Marketletter's European correspondent reports.

The financing is expected to come via the country's Strategic  Investment Fund, the FSI, with early indications that the amount  available will be less than for the automobile parts manufacturers that  have received about 300.0 million euros so far. The FSI is  majority-owned by the French tax authority and is intended raise 20.0  billion euros to provide minority support to companies in sensitive  sectors of the economy. A total of 100.0 million euros is understood to  be the likely extent of support for the country's biotechnology  firms.