Rusnano’s Grand Ambitions In Biotech
This article was originally published in Start Up
Now on the ground in Silicon Valley, Russian sovereign fund Rusnano is investing broadly in nanotechnology around the globe, and a lot of those rubles are flowing to US biotech firms, with one major stipulation: help bring innovation and jobs back to Mother Russia.
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Fresh from an exceptional return on its investment in recently-acquired Pharmasset, the San Francisco firm already has enough to make Burrill Capital Fund IV its largest fund yet.
The U.S. biotechs, which are independent but share founders and investors, raise a combined $94.5 million from the Russian sovereign fund and U.S. venture firms.
Russia has called for half of all pharmaceuticals in the country to be produced domestically in the next decade, pledging to spend 122.9 billion rubles ($3.97 billion) to get international drug makers to shift drug production to the country and strengthen R&D collaboration