3SBio, a China-based biotechnology company, has formed an a RMB250m ($40m) corporate venturing fund with Taizhou Oriental, the investment division of Taizhou China Medical City Company (CMC), a high-tech industrial park dedicated to life science innovation supported directly by the country’s ministries.
Taizhou Huan Sheng Investment Management Company, a subsidiary of 3SBio, will manage 3SBio Ventures. Taizhou Oriental and 3SBio have committed RMB50m and RMB200m respectively to the fund, with 20% of the total drawn down initially.
3SBio Ventures will seek investments in the life science sector that support 3SBio’s strategic interests and will have an eight-year life, with an option to extend.
David Chen is the managing partner of 3SBio Ventures and has resigned from his role as chief operating officer of 3SBio. Yingfei Wei has also resigned from her position as 3SBio’s chief scientific officer but will remain engaged in a consulting role to both 3SBio and 3SBio Ventures.
Jing Lou, chief executive of 3SBio, said: "This platform will facilitate collaboration with China’s public health care sector, providing both funding and access to larger scale initiatives and will play a key role in our future pipeline development for 3SBio."