WuXi Healthcare Ventures, the corporate venturing arm of China-based medical research firm WuXi PharmaTech, closed its WuXi Healthcare Ventures II, L.P. fund at $290m yesterday, exceeding its $200m target.
WuXi Healthcare Ventures acts an early-stage venture capital firm, backing China and US-based life science and healthcare companies, and operating out of offices in Boston and Shanghai.
WuXi PharmaTech said in July this year it would commit $50m to the fund as anchor investor. The firm plans to invest at a larger scale through WuXi Healthcare Ventures II than from its predecessor fund.
The first fund was launched in 2011 and its exits include Agios Pharmaceuticals, Foundation Medicine and Juno Therapeutics, all of which have gone public, as well as Callidus Biopharma and Novira Therapeutics, which were acquired.
Ge Li, Chairman and CEO of WuXi PharmaTech, said: “As the anchor investor and sponsor of this new fund, WuXi PharmaTech is excited about the vast opportunity ahead of us.
“This new fund will further advance our core mission of helping entrepreneurs in the global life sciences industry to realise their dreams of developing innovative products and services to benefit the world’s patients.”
WuXi Healthcare Ventures announced the news on the same day as it led the $30m series C round for US-based personalised medicine developer AltheaDX, a round in which WuXi PharmaTech itself also participated.