Biopharmaceutical company Walvax Biotechnology has formed a biomedicine fund with investment manager Jinsheng Capital that has a targeted close of RMB607m ($86.7m), DealStreetAsia reported today, citing a company statement.
Walvax will put up approximately $21.4m for the vehicle, dubbed Zhuhai Hengqin Walvax, while Jinsheng is providing roughly $860,000. Jinsheng is fund manager and financial services firm Industrial Bank is trustee.
The fund has been formed to partner biomedicine developers with the intention of helping create innovative products. It will also make supply chain investments in areas relevant to the sector.
Founded in 2001, Walvax develops biomedical products and concentrates on vaccines for diseases such as influenza and meningitis. It floated on the Shenzhen Stock Exchange in 2010 but has not publicly disclosed any corporate venturing investments.
Jinsheng operates as a private equity fund manager and has backed external funds including one raised by consumer electronics producer Xiaomi, and JD Finance, the financial services affiliate of e-commerce group JD.com.
