Johnson & Johnson Development Corporation (JJDC), the corporate venturing subsidiary of pharmaceutical company Johnson & Johnson, has invested $15m in the Vivo Capital Fund VIII managed by US-based healthcare investment firm Vivo Capital.
This is the first investment by a healthcare venture group in the fund. The investment is to be used both in the US and China to provide late-stage venture capital and early-stage stage growth capital to companies.
Vivo Capital announced the final close of the Vivo Capital Fund VIII at $750m in March. The fund brings its total under management to $1.7bn. One of the aims of this latest fund is to foster cross-border partnerships to help companies expand their markets and gain access to new products.
Vladimir Makatsaria, company group chairman of medical devices, Asia Pacific for Johnson & Johnson, said: “We are excited about our investment in Vivo VIII as part of our strategy to support and advance innovation in the Asia Pacific region.
“Vivo Capital’s differentiated strategy and depth of experience in China and the US provides us a greater window on the emerging science in China, and opportunities to invest in these promising companies.”