WuXi Healthcare Ventures, the venture capital arm of New York Stock Exchange-listed pharmaceutical research and development services provider WuXi PharmaTech, has closed its second venture fund at U$290 million, according to an announcement.
The WuXi Healthcare Ventures II, L.P. counts parent WuXi PharmaTech as the anchor investor and sponsor. The new fund exceeded its initial target of US$200 million, and follows the launch of its first fund in 2011, which secured US$60 million.
"China and the United States are the two largest and most dynamic healthcare markets in the world…The cross-border nature of our investment strategy and our appetite for early-stage innovation and entrepreneurship have aligned us well with the macro-trends in both countries," says Wei Li, managing partner of the new fund.
WuXi Healthcare Ventures’ first fund invested in Juno Therapeutics, Agios Pharmaceuticals, Foundation Medicine, Callidus Biopharma, which was later acquired by Amicus Therapeutics, Novira Therapeutics, Twist Biosciences, Hua Medicine, and Adagene.
The venture fund, with offices in Shanghai and Boston, focuses on cross-border opportunities in life sciences, finding advanced technologies in the U.S. and conducting the research and development process in China.