California investment firm Vivo Capital, known for its big pharma and med dev raises, has closed a new healthcare venture capital fund at over $100 million that will include a percentage being funneled into startup biotechs.
The pot of money, which has been dubbed by the company as the “Vivo PANDA Fund,” will be used to invest primarily in early-stage healthcare companies across the industry spectrum, including pharmaceuticals, biotech, medical devices and diagnostics.
Vivo said it also wants to continue its strategy of “collaborating with portfolio companies on both sides of the Pacific in their efforts to forge cross-border partnerships” with the money.
Investors in Vivo PANDA include financial institutions, corporate entities and family offices, but specific details were not released.
In addition to the close of the fund, the firm also announced the opening of its office in Taipei, Taiwan, as it looks to expand its footprint in Asia.
Vivo has been involved with a number of VC rounds over the past two years, including backing Nabriva Therapeutics and its experimental antibiotic last year.
And in February 2015, it closed an oversubscribed eighth fund (VCF VIII) at $750 million--around twice the size of its prior fund, which closed at $375 million in January 2012. The $750 million raise was earmarked for later development stage pharma and medical device companies in the U.S., and in revenue-stage healthcare companies in greater China.
The firm said in a statement: “The addition of Vivo PANDA will enable the firm to invest in all stages in the life science industry's development cycles. Vivo PANDA will complement and build synergies with Vivo Capital Fund VIII.”
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