China-based healthcare research and development services company WuXi PharmaTech is looking to raise up to $250m for a new corporate venturing fund, Dow Jones reported yesterday.
WuXi PharmaTech will act as anchor investor for the new fund and will put up $50m of capital, according to a company report in April. It will target investments in US and China-based healthcare companies.
Founded in 2000, WuXi PharmaTech provides laboratory and manufacturing services for the pharmaceutical, biotechnology and medical device industries. The company, which went public in the US in 2007, established its first venture capital unit, WuXi Venture Fund, in 2011, investing $50m.
WuXi Venture Fund invests in early-stage life science companies and its portfolio includes Agios Pharmaceuticals, Foundation Medicine, Callidus Biopharma and Juno Therapeutics, all of which have gone public.