Life sciences VC investor Domain creates China partnership
US-based venture capital firm Domain Associates has teamed up with Chinese financial advisor Elite Consulting to support Western healthcare companies entering China. Several global VC investors and related service providers have been bulking up their presence in China with a view to working on life sciences deals, which often involve complex intellectual property structures.
The partnership between the two firms will be known as Domain Elite. Focusing primarily on pharmaceuticals, diagnostics and medical devices, it will offer financing, assistance in dealing with regulatory issues, and access to marketing expertise and infrastructure. Seeding funding for the venture has been provided by Domain.
"The Chinese healthcare system has a great and significant need for best-in-class, innovative therapies and medical products," said Brian Halak, a partner at Domain. "We see Domain Elite as the first partnership of its kind to create new companies by leveraging the resources of both China and the US."
The VC firm, which has $2.4 billion in capital under management and has invested in more than 250 life sciences companies, also sees the partnership as a means of identifying its own deals in China.
Late last year, Essex Woodlands, a Silicon Valley-based healthcare investor, opened an office in Shanghai as it looks to deepen its exposure to China. Around the same time, Wilson Sonsini, a VC-focused law firm that specializes in technology and life sciences, added a Beijing office to its existing Shanghai base. Cooley, another prominent VC law firm, opened its Shanghai office in 2011 and has been hiring more staff.
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