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7 Apr 2011

Chinese Billionaire Backs New U.S.-China Biotech Project

The biotech plans to use its cache of cash to build up its scientific team and execute a two-prong business strategy: In-licensing pharmaceuticals that can be sold in China while pursuing early-stage drugs that can developed through proof of concept and then partnered globally.

A veteran GlaxoSmithKline drug developer and a Chinese real estate magnate have joined forces to launch a new biotech with $100 million in venture funds and a plan to straddle the planet, with one leg planted in Research Triangle Park, NC and the other in Hangzhou, China.


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