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Fosun Pharma joins Shenzhen government to raise US$700 million healthcare fund to invest in biomedicine innovation
- Fosun Pharma teams up with Shenzhen government to raise 5-billion yuan fund to invest in start-ups and innovations in cellular biology, genetics and related fields
- Fund aligns with Shenzhen government’s plan to develop the city into a healthcare manufacturing hub, says Fosun Pharma
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One of China’s biggest pharmaceutical producers will team up with Shenzhen’s government to raise a 5-billion yuan (US$700 million) healthcare fund to invest in start-ups and innovations in cellular biology, genetics and other fields related to biomedicine.
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Fosun Pharma said its subsidiaries, namely Fuxin Shenyao, Fosun Pharma (Shenzhen) and Fujian Fund Management, will join the Shenzhen Guidance Fund in launching the fund. It will have a duration of 10 years, according to an announcement by Fosun Pharma on Thursday.
The Guidance Fund, which is controlled by the municipal government of southern China’s technology centre, will subscribe to half of the as yet unnamed fund.
At least 70 per cent of the fund will be allocated to the biomedical industry, aligning with the Shenzhen government’s plan to develop the city into a healthcare manufacturing hub, according to the announcement.
The city is already home to 140 large biopharmaceutical firms, of which 11 are publicly listed, eight have revenues exceeding 1 billion yuan and four enjoy turnover of above 10 billion yuan, according to data released by the Shenzhen government in December.
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The biopharmaceutical industry in Shenzhen contributed 14 billion yuan to the local economy in the first three quarters of last year, according to official data.
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