Quark Venture and China’s GF Securities Company Limited announced today they are jointly establishing a new US$500 million global health sciences venture fund to be based in Vancouver, BC.
The fund, the largest of its kind in Canada, will invest globally in a diversified portfolio of innovative biotechnology and health sciences companies. Investments have already started with the first close of US$100 million.
“This partnership will capitalize on Quark Venture’s strong, experienced, globally connected team with its track-record in technology sourcing, screening and commercialization, as well as on GF Securities’ integrated strengths in investment, capital solutions, biotechnology IPO listing and expertise in China’s biomedical industry,” said Mr. Lin, Chief Executive Officer of GF Securities.
“Our goal is to build a diversified portfolio by investing in the best in the world biotechnology and health sciences companies that are driving game changing innovations in drug development, medical devices, health IT and emerging convergent technologies,” said Karimah Es Sabar, the recently appointed Chief Executive Officer at Quark Venture.
“The decision to make Vancouver the headquarters for Quark Venture and the Global Health Sciences Venture Fund, validates Canadian innovation, the strength of the life science industry here and the quality of its technologies. We anticipate that internationally competitive Canadian companies will do well having a fund of this size and calibre at their doorstep, and we believe such a fund will energize the sector and be a magnet for further capital.”
“GF Securities has a strong commitment to build and diversify their portfolio by sector and geographically. Our visions are aligned and we see this as a long-term collaboration,” said Jesson Chen, Chairman of Quark Venture.
Last week Quark Venture announced a US$30 million investment in Vancouver-based Methylation Sciences Inc., a clinical-stage pharmaceutical company, that is advancing a therapy for treatment of Major Depressive Disorder.