(Yicai Global) Oct. 17 -- China's Tigermed Consulting plans to set up a dollar-based investment fund targeting early-stage and growth startups in the biotech and contract research sectors in tandem with Birchtree Fund Investments, a unit under Singaporean state-owned Temasek Holdings.
Tigermed will invest up to USD12 million in the fund, known as TG Sino-Dragon Fund, which will initially hold USD62 million in total, the Hangzhou-based firm said in a statement yesterday.
Shares in Tigermed [SHE:300347] leaped to CNY69.28 (USD9.76) apiece early this morning but have since retreated to CNY67.81, just over 0.3 percent lower than yesterday's close.
Tigermed also plans to invest CNY15 million (USD2.1 million) in Hyfinity Investments' healthcare fund, up to CNY40 million in Boquan Investment Fund and CNY15 million in Legend Capital's yuan-denominated healthcare fund amid plans to leverage its strengths in clinical research and broaden its investment channels, the statement added.
Founded in 2004, Tigermed specializes in clinical trial services for new drug research and development. It has 33 subsidiaries and runs service outlets in 95 major cities in Asia, Australia, North America and Europe.
Editor: James Boynton