China-based pharmaceutical company Chongqing Lummy Pharmaceutical has commited capital to the $50m first close of a fund being raised by venture capital unit TVM Capital Life Sciences that will be aimed at life sciences companies.
The China BioPharma Capital I fund will focus on startups based in Western economies, and its investments will be made with the aim of securing licenses for development and commercialisation in China.
The Quebec-based life sciences unit is managed by VC firm TVM Capital, which is based in Munich with offices in Montreal and Hong Kong. It plans to use the latest fund to tap into the global network to identify relevant startups.
In Europe, the firm currently also invests in biopharmaceutical businesses through TVM Life Science Ventures VII, a $200m fund backed by pharmaceutical companies Eli Lilly and Bukwang Pharma as well as Minnesota Life Insurance Company, Business Development Bank of Canada, CD Venture and FondAction.
Qiu Yu, chairman and president of Chongqing Lummy, said: “Currently, innovations in pharmaceutical and medical technologies are mostly originated in North America and Western Europe.
“With our commitment to China BioPharma Capital I, we strive to introduce the world’s top medical services and medical technologies to the Chinese market, leveraging our understanding of the Chinese pharmaceutical markets and our innovative operating model.”