Pivotal closes China fund at $150M

Pivotal bioVenture Partners China closed on May 24 its USD Fund I at $150 million to invest in Chinese biotechs with in-licensed portfolios. Pivotal China's Jimmy Wei told BioCentury the VC plans to raise another $50 million toward a renminbi fund next half with the same investment focus.

According to Wei, the firm will invest the combined funds in about 10 companies, with 60-70% headed toward therapeutics, 20% for devices and medtech and 10-20% for healthcare services plays...