Quark Venture, a Canadian venture capital company that finances biotech and health sciences companies, and GF Securities Company, an investment bank in China that has a Canadian subsidiary, announced that they are partnering to establish a new $656 million venture fund dedicated to innovation in global health sciences.
The fund, which will be based in Vancouver and is the largest of its kind, will globally invest in innovative biotechnology and health sciences companies. Investments have begun with the first close of $13 million. Through the fund, Quark Venture and GF Securities are planning to capitalize on their expertise to support and finance innovative companies.
“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 Lin Zhihai, the CEO of GF securities.
Karimah Es Sabar, the CEO at Quark Venture, says this partnership will also allow Quark Venture to diversify its portfolio by investing in companies that are developing “game-changing” solutions in areas like drug development and medical devices.
“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,” said Es Sabar. “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.”