In mid-June, the U.S.-based pharmaceutical and consumer products company Johnson and Johnson entered into an agreement with the Skolkovo Foundation to participate in the development of the Skolkovo research hub near Moscow.

According to the terms of the agreement, the central object of the companies’ joint efforts will be venture capital investment and the construction of the Skolkovo center.

According to Victor Vekselberg, who serves as the President of the Skolkovo project, the American company will inject USD 30 million in order to set up a venture capital fund. The Skolkovo Foundation plans to attract and fund around 50 startups in the next five years. 

Victor Vekselberg further indicated that Johnson and Johnson, its subsidiary Janssen Pharmaceutica together with its Russian partner ChemRar are ready to propose a list of possible startup projects.