Aug. 29, 2019
Sumitomo Dainippon Pharma announces Investment in a Venture Capital Fund
Sumitomo Dainippon Pharma Co., Ltd. (Head Office: Osaka, Japan; Representative Director, President and CEO: Hiroshi Nomura; hereinafter, “Sumitomo Dainippon Pharma”) announced today that it has entered into an agreement with Remiges Ventures, Inc. (Offices: Tokyo, Japan and Massachusetts, U.S.; headed by Taro Inaba) under which Sumitomo Dainippon Pharma will invest up to a cumulative total of USD25 million (approximately JPY2.6 billion) in Remiges BioPharma Fund II, LP (hereinafter, “this fund”), the second fund after Remiges BioPharma Fund, LP, a venture capital fund created by Remiges Ventures, Inc. in June 2014.
This marks the second investment by Sumitomo Dainippon Pharma in a fund created by Remiges Ventures, Inc. Sumitomo Dainippon Pharma made this decision because the investment in Remiges BioPharma Fund, LP, Remiges Ventures, Inc.’s first fund, allowed efficient access to useful information on biotech companies.
Sumitomo Dainippon Pharma hopes that the investment in this venture capital fund will allow efficient access to most up-to-date information on biotech companies 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 II, LP|
|Offices:||Tokyo, Japan, Boston and Seattle, U.S.|
|Fund size:||Up to US$150million (US$95million as of August, 2019)|
|Investments:||Pharmaceutical products and medical devices in the early seed stages|
|Geography:||U.S., Europe, Israel and Japan|
Remiges Ventures, Inc. official website: www.remigesventures.com
*A description of the first investment into a fund created by Remiges Ventures, Inc., please refer to the announcement made on July 23, 2014.