Lifescience-focussed BioVeda China Fund seeks $400m for fourth vehicle

China-based investment firm with a focus on life sciences BioVeda China Fund (BVCF) is working on launching a $400 million fund, according to China Money Network quoting unnamed sources.

Having been founded in 2005, the private equity and venture capital firm had previously established three funds — one in 2006, the second in 2008 followed by another in 2014. Its third fund, BVCF III, hit its final close with $200 million from Adveg, Mayo Clinic Foundation, International Financial Corporation, Obviam, and Novartis.

BVCF is expected to secure a first close for the fourth fund in the next few months, according to people close to the deal,the report in China Money Network added. It is also expected to secure a final close by end-2016.

The fund will target early and growth-stage pharmaceuticals, biotechnology, traditional Chinese medicine and healthcare services companies, the same publication added.

There are over 28 companies in its portfolio, most of which are pharmaceutical companies. BVCF has also exited its stake in various companies including CITIC Pharmaceuticals, Ealong Biotech, Jaguar Animal Health, and Cotech Biotech. A number of the companies backed by BVCF also belong to the medtech device space, such as Visunex Medical, Allgens Medical and Nuelle, Inc.

The founder and managing partner of BVCF is a doctor named Yang Zhi, who owns more than 10 US and international patents, said to earn multinational corporations more than $25 million.

On the BVCF website, Yang wrote, “The future presents us with a lot to look forward to:  deregulation over private hospitals and multi-hospital practice of physicians, greater government endorsement on local innovation and R&D improvement, a more open and dynamic capital market, all of which will bring the Chinese healthcare industry to an unprecedented height, opening up a new window of “historic opportunities” for all.”

The company has based operations out of Shanghai, and also operates out of an office in Beijing.

According to an article on The Pharma Letter, venture capital firms backed $414 million worth of investments in the Chinese drug industry, which is a 23 per cent year-on-year increase.

Also Read:

Temasek increases stake in Portola Pharmaceuticals

Indonesia’s Kimia Farma to invest $71m in new pharmaceutical plant

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.