Pivotal raises $150m for China life sciences fund
Pivotal Bioventure Partners China, an investment platform of Hong Kong conglomerate Nan Fung Group, has raised $150 million for a fund that will incubate Chinese life science start-ups.
Details regarding the fundraising process were not disclosed. The vehicle will focus broadly on pharmaceuticals, medical devices, and healthcare services. It will also aim to support companies by in-licensing innovative products and technologies that could serve unmet medical needs.
Nan Fung will support portfolio companies through its life sciences division which operates across the US and Europe. Separately, Nan Fund Life Sciences makes direct investments, co-investments, and fund commitments that cover therapeutics, devices, and diagnostics across various development stages.
"China is catching up in healthcare innovation," Jimmy Wei, a managing partner at Pivotal, said in a statement. "The vision of Pivotal China is to create a life sciences ecosystem to generate synergies among portfolio companies and foster the innovations in China."
Prior to joining Pivotal, Wei was a managing partner at iBridge Capital and a partner at the KPCB China fund, where he was involved with the formation of companies including Zai Lab, JHL Biotech, XW Lab, and iMab.
Other leadership positions at Pivotal will be filled by Meng Gao, a former managing director at The Blackstone Group's private equity business, and Shannon Cheung, founder of Likang Life Science and investment firm Averest Capital.
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