Lilly Asian Ventures has invested about $10 million in BioVeda China. BioVeda China is the first international venture capital fund focusing on life sciences investments in China. The investment has shown Lilly’s commitment to expand its economic footprint in the fast growing life science industry in China.
 
BioVeda China will use funds provided by Lilly Asian Ventures along with other investors to invest in local Chinese life sciences companies. Lilly Asian Ventures is a newly established spin-off of Lilly Ventures, one of the top venture capital organizations in the health care industry. Lilly Ventures identifies developing enterprises that have promising new technologies but need the funding and support of experienced investors to be successful.
 
“We are extremely pleased to receive the investment from Lilly Asian Ventures. This partnership with Lilly has validated BioVeda's prominent position and will enhance BioVeda's ability to invest in promising local Chinese life sciences companies. Together we look to contribute to the long-term growth of the life sciences industry in China,” said Dr Zhi Yang, Founder, Chairman and Managing Partner of BioVeda China.
 
“As one of the world's fastest growing economies, China represents huge potential in the area of life sciences. But many of China's fledgling companies need financial assistance and other support to become successful,” said Dr John Lechleiter, Lilly's President and Chief Operating Officer. “With today's investment, Lilly is helping to seed the growth of China's life sciences industry, which will ultimately lead to improving medical care for the people of China and for people around the world.”
 
For the past 12 months, BioVeda China has led a total of more than $120 million financing for six companies. The company invests in biotechnology, pharmaceuticals, biomaterials, biofuels, medical technologies, hospital/healthcare services, environmental products and services and agriculture products.