TVM Capital Life Science has announced that it has achieved the first closing of China BioPharma Capital I at 50 Mio. USD. China BioPharma Capital I is a venture capital fund with subscription from Chongqing Lummy Pharmaceutical Co., Ltd. a pharmaceutical company based in Chongqing, China, which develops, manufactures and markets pharmaceuticals as well as health care products. Lummy went public in 2009 on the Shenzhen Stock Market. The company operates six fully owned subsidiaries and employs more than 2000 people with a strong focus on pharmaceutical innovation.
China BioPharma Capital I will focus on investments in life science innovation in Western companies with the objective to obtain licenses for development and commercialization in China. The fund will capitalize on the substantial global footprint of TVM Capital Life Science which invests into biopharmaceutical innovation from their seventh fund generation in Europe, the USA and Canada and looks back on a successful 30 years track record in financing healthcare innovation.
Dr. Qiu Yu, Chairman and President of Lummy comments: “The Chinese pharmaceutical markets have experienced rapid growth over many years now. General health awareness is on the rise resulting from sustainable overall economic growth combined with an aging society. The Chinese pharmaceutical market is becoming larger accordingly. Currently, innovations in pharmaceutical and medical technologies are mostly originated in North America and Western Europe. With our commitment to China BioPharma Capital I LP, we strive to introduce the world’s top medical services and medical technologies to the Chinese market, leveraging our understanding of the Chinese pharmaceutical markets and our innovative operating model.”
Meanwhile, TVM Capital Life Science is to open a new office in Hong Kong with Dr. Mirko Scherer as Managing Partner. Scherer is an experienced biotechnology executive and has led numerous financing and M&A transactions, in both public and private markets, in Europe and the U.S. over 15 years. He co-founded GPC Biotech AG in 1997, a former TVM Capital Life Science portfolio firm, and served as its CFO over a decade.