TVM closes on $50M for China Biopharma plans

Multinational venture capital firm TVM Capital Life Science said its first close for China BioPharma Capital I reached $50 million aimed at "investments in life science innovation in Western companies with the objective to obtain licenses for development and commercialization in China," according to a news release. Subscribers included Shenzhen-listed Chongqing Lummy Pharmaceutical as a strategic investor. In October 2014, the firm--closely allied with Eli Lilly ($LLY)--bumped up its fund past the $200 million mark with plans then to bankroll up to 15 build-to-buy drug development projects. Release