BioChem Pharma's genomics investment
In lieu of investments in individual genomics companies, BioChem Pharma Inc. has invested C$30 million (US$21.9 million) in a C$100 million (US$73 million) venture capital fund that will focus on early stage genomics technologies. BCHXF's indirect wholly owned subsidiary, GeneChem Management Inc. will manage the fund, GeneChem Technologies Venture Fund L.P. The fund's mandate is to invest in early-stage academic projects and private or public companies working on genomics and related technologies for human applications.
"We recognize the importance of genomics for the future of health care and needed to have a presence in the genomics field," said Gervais Dionne, executive vice president of R&D at BCHXF (Laval, Quebec). This financing approach "is the most appropriate and cost effective" method for entering genomics, he said, because BCHXF believes the most value can be derived from very early stage research. BCHXF also can leverage research dollars through its participation in the fund without affecting its income statement. With a C$30 million investment, BCHXF "has a window on C$100 million in genomics research," Dionne said...