Sep. 16, 2011
On September 17, 2011 Avenue Capital Group, a New York-based hedge fund and private equity investor, announced its collaboration with China Medical City (CMC) in Taizhou to form a healthcare industry investment fund. It plans to raise $313 million, of which $157 million will be available by the end of this year. The PE fund will invest in CROs, biopharmas, drug distributors, medical device makers and hospital companies – all of them located in the CMC.
This announcement comes only one month after 3SBio announced its new investment partnership, called 3SBio Ventures, which 3SBio has formed with Taizhou Oriental CMC Ltd, the investment arm of CMC, with the intention to fund projects enlarging its drug portfolio of biosimilars. 3SBio and Taizhou Oriental initially committed RMB200 million ($31.3 million) and RMB50 million ($7.8 million), respectively, to the eight-year fund.