Infinity-backed fund invests in China's Asymchem Laboratories
An Infinity Group-backed fund that targets the biomedical industry has committed RMB90 million ($14 million) to a RMB250 million round of financing launched by Tianjin-based Asymchem Laboratories.
The investment was made by Tianyi Medical Private Equity Fund, a joint venture fund started by Infinity Group and Tianjin Venture Capital (TJVC). Israel-based Infinity is itself the product of an alliance between China Development Bank and Israeli conglomerate IDB Group.
Asymchem provides biotechnology services to help pharmaceuticals firms speed up the development of new drugs. It is mainly involved in developing, optimizing and manufacturing raw materials. It also supplies clinical research medicines and marketed medicine according to US and EU standards.
Asymchem will use the funds, among other things, to increase its production capability, undertake more orders from international pharmaceutical companies, and improve its general competitive capabilities.
Bella Ohana, managing director of life science at Infinity Group, said that Asymchem is "one stop shop" and strategic partner for several multinational pharmaceutical companies, exhibiting steady revenue growth in a competitive arena.
Earlier this week, Infinity committed $7 million to the Series C round of financing for Haolianluo (HLL), a Chinese mobile social networking services provider.
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