Jul. 23, 2014Corporate
Sumitomo Dainippon Pharma announces Investment in a New Venture Capital Fund
Sumitomo Dainippon Pharma Co., Ltd. (Head Office: Osaka, Japan; President: Masayo Tada) announced today that it has entered into an agreement with Remiges Ventures, a venture capital firm with offices in Tokyo, Japan and Massachusetts, U.S. and headed by Taro Inaba, Managing Director, under which Sumitomo Dainippon Pharma will invest up to a cumulative total of US$30 million in Remiges BioPharma Fund, LP, a new venture capital fund created by Remiges Ventures.
Created in June 2014, the Remiges BioPharma Fund is focused on investments to entrepreneurs in the U.S. and in Europe, in principle, that are actively engaged in the development of life science innovations.
Sumitomo Dainippon Pharma hopes that the investment in the new venture capital fund will allow efficient access to most up-to-date information on venture firms with new drug discovery potentials and cutting-edge technologies, thus leading to the enrichment of its development pipeline and helping ensure seamless discovery of innovative new drugs.
<An outline of the Fund>
|Fund name :||Remiges BioPharma Fund, LP|
|Creation :||June 2014|
|Offices :||Tokyo, Japan and Massachusetts, U.S.|
|Fund size :||Up to US$150million|
|Term :||10 years (planned)|
|Investments :||Pharmaceuticals research and development and other life sciences|
|Geography :||U.S., Europe and others|
|Remiges Ventures official website :||www.remigesventures.com|