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news.Hutchison MediPharma, a subsidiary of China-based Chi-Med, has received $12.5m via a private investment from Mitsui & Co to support the continued development of its pipeline of internally developed research and development programmes.
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Mitsui has invested $12.5m in cash in return for new convertible Preference Shares giving Mitsui 12.2% of the enlarged share capital of Hutchison MediPharma.
Mitsui Global Investment Department GM Taro Inaba said Hutchison MediPharma is a unique combination of a highly productive integrated R&D platform, landmark strategic alliances with some of the leading multinational pharmaceutical companies and a first class leadership team.
Chi-Med CEO Christian Hogg said that their aim for Hutchison MediPharma is to grow into a large-scale self-funding biotech company, the first of its kind in China, identifying and developing novel drugs for the global pharmaceutical market.
"Mitsui’s investment helps drive this aim and is an early indication of the considerable value they believe Hutchison MediPharma has and will continue to create," Hogg said.
Hutchison MediPharma is one of the three businesses that currently comprise Chi-Med, the other two being China Healthcare business and Consumer Products business.