Lilly Prescribes Capital (China)
This article was originally published in PharmAsia News
Executive Summary
Lilly Asian Ventures, a $35 million venture capital fund spun off from Eli Lilly & Co.'s Lilly Ventures, will provide capital to health care projects in Asia. Its first investment of $10 million went to Bio Veda China, a Shanghai-based venture capital firm that is looking to raise $100 million. The investment "is helping to seed the growth of China's life sciences industry," according to Lilly President and COO John Lechleiter. In 2006, the National Development and Reform Commission says output from China's biotechnology industry surged 22 percent from the prior year to 42 billion yuan (US$5.38 billion). (Click here for more