Rapidly expanding R&D services outfit WuXi PharmaTech ($WX) is moving forward with plans to be part of a $250 million venture fund aimed at U.S. and China life sciences companies. Executives with WuXi Healthcare Venture Fund II filed documents with the SEC this past week going over their goal, which WuXi PharmaTech has generated a $50 million anchor investment in.
WuXi highlighted its system to follow up on a start of $63 million fund set up initially back in 2011 in its yearly report this past April. The initial fund invested in almost 20 companies all together yet expects this new venture will proceed much further. A representative for the company explains to FierceBiotech that WuXi PharmaTech is one of a few partners in the standalone venture fund and did not file the SEC document.
“WuXi Healthcare Ventures Fund II is being formed to invest in significant equity stakes in the U.S. and China,” the company reported in its annual report. The general partners of WuXi Ventures are expected to consist of three operating partners and two non-operating partners (Dr. Ge Li and Edward Hu).”