Chinese real-estate billionaire Qi Jinzing has reportedly begun investing in the biotech sector despite its potential financial risks. He was quoted as saying, “I believe the investment in biotech has benefits beyond financial rewards, like reducing suffering in patients.” Qi has apparently backed a company that will operate in the United States and China to develop cancer and anti-infective drugs. The new company, Ascletis, plans to license promising compounds from U.S. and European companies for development and marketing in China. The venture is believed to be the first Chinese investor-backed initiative to operate in both the United States and China. Asked to compare what could ultimately be a philanthropic venture with the work of another billionaire, Qi said, “I share the same dreams as Bill Gates, but I am not as rich as him.” See Forbes.com, April 6, 2011.
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Chinese billionaire backs U.S./China biopharma venture
- Shook Hardy & Bacon LLP
- Patrick Henderson, Madeleine McDonough and Thomas T. Moga
- China, USA
- April 21 2011
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