China Biotech in Review: VCs Invest $1 Billion in China Life Science During 2010

ChinaBio Today submits:

In 2010, life science VC investing in China climbed an astonishing 319% to break $1 billion (see story). By contrast, venture capital investing in the United States life science was flat compared to 2009 levels, showing a dramatic switch in the worlds perceptions of where the future lies for biomedical companies.

China will build a $300 million institute as its contribution to the Human Variome Project, a worldwide study of human genetic variation and the diseases it causes (see story). The $300 million commitment dwarfs contributions from other countries the project has a budget of just $12 million for each of its first five years. The PRC will also contribute an additional $20 million over 10 years to assist global coordinating activities.

Partnerships and M&A

Yabao Pharmaceuticals Group (SHA: 600351) of Beijing has signed a $50 million strategic collaboration agreement with Frontage Laboratories of Pennsylvania (see story). Over the next five years, the two companies plan to develop sustained release delivery for more than 20 products, then submit them for approval in the US and Europe.

START (South Texas Accelerated Research Therapeutics) announced a joint venture that will open a Phase I clinical trial facility specifically for cancer patients in Fudan University Shanghai Cancer Center (see story). STARTs partner in the in! itiative is Cenova Ventures, an RMB venture capital firm with backing from both national and local government.

Jiangsu Aosaikang Pharmaceutical (ASK) of Nanjing purchased a 5% stake in a New Zealand pharma, Living Cell Technologies, for $1.7 million

Complete Story