Talk of the Day — Taiwan Medtech Fund draws keen interest

August 18th, 2011 | Categories: 2011 | Tags:

Source: http://focustaiwan.tw/SearchNews/doDetail.aspx?id=201108170045&q=biotech

Taiwan Medtech Fund (TMF), the country’s first biotech venture capital fund, was launched Tuesday to help upgrade the local biotech sector to a new star industry.

Besides major state-owned enterprises such as the nation’s largest oil refiner CPC Corp., large-cap companies in the technology sector reportedly have also shown keen interest in chipping in for the new fund.

Minister-without-Portfolio Cyrus C. Y. Chu said the fund will offer local biotech makers a last chance to upgrade from low-end production to high-end fields.

The following are excerpts from the local media coverage of the issue: Commercial Daily: TMF Chairman Jang Yue-Teh said the new fund will collaborate with iD SoftCapital Group to convince major companies in both the high-tech and conventional industries to invest in the biotech venture capital fund.

Jang said iD SoftCapital Group Chairman Stan Shih has agreed to serve as a TMF adviser.

“Shih is expected to help lobby high-tech firms to invest in the fund, with the aim of speeding up the development biotech industry,” he said at a news conference.

According to Jang, the government-run National Development Fund will contribute NT$1 billion to the TMF, which will give it a 20 percent stake in the new fund.

“We hope to raise more than NT$5 billion for the TMF by the end of this year,” Jang said.

Several fully or partially government-owned companies, such as CPC Corp., Taiwan Sugar Co., and China Steel Corp., are also expected to contribute to the project.

The fund will mainly finance the development and commercialization of high-end medical equipment and production of new pharmaceuticals, according to Jang. (Aug. 17, 2011).

Economic Daily News: Shih said as iD SoftCapital is a fund management company, it will serve as TMF’s adviser. “We will use our experience in venture capital investment and our connections in the high-tech industries to help boost TMF development,” said Shih, who is also founder of Acer Group, one of the world’s largest PC vendors.

Noting that biotech industry is widely known as the sector with great development potential, Shih said he hopes the TMF will help created new leading brands in medical and pharmaceutical fields. (Aug. 17, 2011).

(By Sofia Wu) enditem /pc

|

Referrer Plugin made by Electric Guitars.