Biotech venture capital fund nears launch in Taiwan
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Publication Date：4/29/2011
Source： Taiwan Today
Taiwan is set to launch an NT$60 billion (US$2.09 billion) venture capital fund aimed at generating increased investment in the nation’s biotechnology sector, according to Minister without Portfolio Cyrus C.Y. Chu April 28.
“This initiative can help startups grow and develop business opportunities,” Chu said. “Around 40 percent of the fund will be covered by public money from the National Development Fund, with the balance put up by private investors.”
Chu said five biotech groups have expressed interest in the fund. “Three outfits, including Taiwan Medtech, have submitted operating proposals to the NDF,” he added.
“The Cabinet is awaiting the presentation of additional submissions before greenlighting the fund’s first biotechnology venture capital company.”
The national biotech development plan, approved by the Cabinet in March 2009, also covers the establishment of a business incubation center.
“The center will serve as a platform to assist enterprises in adding value,” Chu said. “Both the fund and center are essential to the plan’s success.”
Chu has targeted Soo Whai-jen, senior vice president of Dublin-headquartered Shire PLC’s Human Genetics Therapy division, to head the center. “I will visit the U.S. in June in an effort to persuade Soo to accept this exciting challenge,” he said. (JSM)
