Japan’s Mitsubishi Makes Major Investment In Chinese Biotechs

Mitsubishi announced plans to back biotech startups in China, beginning with a $3 million investment in a venture fund. The Shanghai-based fund, BioVeda China Fund II LP, invests in several biotech fields, including pharmaceuticals. Similar investments from Eli Lilly and a World Bank group, among other American and European infusions, contribute to the fund's hope to raise more than $100 million. Mitsubishi said it chose the fund because of China's growing status as a base for research and development and as a drug market. The firm said it might seek some marketing rights in Japan if the investments lead to lucrative drugs. (Click here for more - a subscription may be required