Successful Collection
Bukwang Pharmaceutical Co., Ltd (http://www.bukwangpharm.com/) announced on March 28 that it collected approximately US$5.2 million from its fund investment made through TVM Capital, a Canadian life science investment company. The amount is inclusive of the principal and gains via the investment.
The gains came in as Eli Lilly, a global pharmaceutical company, acquired CoLucid Pharmaceuticals Inc. In January of 2017 for US$960 million. Due to the transaction, Bukwang realized 400% return (US$4.2 million) on its indirect investment of US$1 million in CoLucid made through “TVM Life Science Ventures VII,” a fund managed by TVM Capital.
CoLucid Pharmaceuticals is an American venture company developing lasmiditan, a new drug for acute migraine. Recently, the Phase III study has been successfully completed, and the product launch is expected in 2018.
Through the TVM Life Science Ventures VII Fund, Bukwang has invested approximately US$7.1 million in twelve American and European venture companies that pose promising future in development of new drugs.
“Bukwang is currently focusing on R&D activities for new drug. As part of it, Bukwang is implementing the strategy to invest in global funds like TVM Capital in attempt to discover competent overseas bio venture companies or startups in their early stage, Bukwang will continue to seek for the growth of its overseas business,” an official from Bukwang said.