Murdock Makes First Major Biotech Investment - $33M in Vaccine Firm

KANNAPOLIS, N.C. – Billionaire David Murdock has made a $33 million investment in a therapeutic vaccine company, but the focus of the vaccine and the name of the venture were not disclosed.

Murdock, the owner of Dole Foods who is building the North Carolina Research Campus in Kannapolis, has pledged $100 million in venture funding for life science companies as part of that effort.

The name of the firm and the focus of its vaccine efforts were not disclosed. However, a spokesperson said more information about the company would be released in the near future.

More information is not being released about the venture due to competitive reasons, according to spokesperson Hank Millner.

“We’ve elected to not disclose the name of the company or the disease that it is targeting, but we wanted people to know Mr Murdock is excited about this company and that his interest in biotechnology goes beyond construction of the facility,” Millner told WRAL Local Tech Wire.

The location of the company was not disclosed, either. However, Millner said the investment was “relatively recent.”

“As things progress and as we said in the press statement, the company is embarking on a Phase III clinical trial, and as we achieve more clarity more information will be forthcoming,” he added.

In the announcement, Murdock disclosed that his son, Justin, is running the venture.

"This company is working on a very promising vaccine that will help individuals around the globe,” Murdock said in a statement. “We are excited about its prospects and look forward to the next phase of testing."

The funds will be used for operational costs and the Phase III clinical trial.

Justin Murdock, senior vice president for Dole and the development firm Castle & Cooke, is chairman of the board and chief executive officer of the vaccine company. Castle & Cooke is the firm building the campus.

"We look forward to working with the FDA on this promising vaccine,” Justin Murdock said. “A Current Good Manufacturing Practice (cGMP) facility will be needed and it is our ultimate goal to expand that operation to the North Carolina Research Campus."

The 350-acre Research Campus is being developed in partnership with the University of North Carolina, Duke University, and the North Carolina Community College System.