The Guangzhou Sino-Israel Bio-industry Investment Fund (GIBF), which seeks to promote and invest in Chinese and Israeli joint ventures in the biomedical field, said Monday it is raising a second fund for a total of $300 million (2 billion yuan).

The GIBF 2 fund has already closed $200 million, and plans to raise an additional $100 million in the next three months, said Yehoshua (Shuki) Gleitman, a former chief scientist of the State of Israel, who heads the fund.

GIBF typically invests some $3 million-$8 million in the joint venture, holding minority equity positions and assisting the ventures in their operations.

GIBF’s second fund will operate in a similar model to the first fund but will increase its funding to about $15 million-$20 million per venture, and focus on Israeli and European biotechnology companies, which are developing innovative drugs and are in phase 2-3 of clinical trials.

Read more/Source: Times of Israel