Deal Creates New Pennsylvania Life Sciences Institute
WAYNE, Pa. & PHILADELPHIA--(BUSINESS WIRE)-- Pennsylvania Bio and Philadelphia Works, the former Philadelphia Workforce Investment Board, announced an agreement today under which Pennsylvania Bio will acquire the Life Science Career Alliance (LSCA), a subsidiary of the Philadelphia WIB.
The acquisition results in the creation of the Pennsylvania Life Sciences Institute, a not-for-profit charitable organization and new affiliate of Pennsylvania Bio with the purpose of increasing the strength of Pennsylvania’s life sciences and healthcare industries by maintaining and improving the workforce through training and development.
The Board of LSCA approved moving activities to the Pennsylvania Life Sciences Institute on August 2nd. Philadelphia Works then approved the release of assets to the newly formed Pennsylvania Life Sciences Institute.
“By supporting the workforce development mission of the LSCA, Pennsylvania Bio continues to advance its mission of making Pennsylvania a global leader in the life sciences,” said Vincent Milano, president and chief executive officer of ViroPharma, Inc. and chair of the Pennsylvania Bio Board of Directors. “Moreover, as the biopharmaceutical industry continues to evolve and rely more heavily on a model of third-party partnerships for medical research and development, the Pennsylvania Life Sciences Institute has the opportunity to assist in training the life science workforce of the future.”
Mark Edwards, president and chief executive officer of Philadelphia Works added, “This acquisition marks an important milestone in the decade-long history of the LSCA. Their work in career awareness and identification of industry training trends advanced alignment of the workforce system in the five southeast counties. The network and brand equity of Pennsylvania Bio allow the LSCA workforce mission to expand from its focus in Southeastern Pennsylvania to a state-wide initiative.”
“Pennsylvania Bio is proud to execute this transaction with Philadelphia Works because of the potential it offers the Commonwealth of Pennsylvania,” said Christopher P. Molineaux, president of Pennsylvania Bio. “With a strengthened and advanced workforce, the Pennsylvania life sciences and health care communities have the opportunity to be world leaders in medical innovation and life sciences job retention. Most important, our workforce will be better trained to fulfill the unmet medical needs of patients.”
Terms of the acquisition were not disclosed.
About Pennsylvania Bio
Pennsylvania Bio is the only statewide trade association for the entire life sciences industry in Pennsylvania. With more than 530 member organizations representing the entire life science industry- medical device companies, pharmaceutical companies, investment organizations, academic research institutions – Pennsylvania Bio’s mission is to serve as a catalyst to ensure Pennsylvania remains a global leader in the life sciences. Pennsylvania Bio’s website is www.pabio.org.
About Philadelphia Works
Philadelphia Works was created on July 1, 2012 by merging the Philadelphia Workforce Investment Board and the Philadelphia Workforce Development Corporation to streamline the workforce development system in Philadelphia. The nonprofit organization invests funding from the Commonwealth of Pennsylvania, the federal government and the City of Philadelphia, along with privately raised employment and training funds. Its mission is to connect businesses to a skilled workforce and to oversee services to individuals who need job readiness, training and education to thrive in the workplace. The Web site is www.philaworks.org.
Pennsylvania Bio
Christopher P. Molineaux, 610-947-6800
or
Philadelphia Works
Andy Gotlieb, 215-893-4299
Source: Pennsylvania Bio