(Clarifying that RTW Investments LP has made the USD127 million investment.)
(Alliance News) - RTW Biotech Opportunities Ltd on Monday said its manager RTW Investments LP has agreed to invest USD127 million in Ji Xing Pharmaceuticals Ltd.
The New York-based investment firm focused on the life sciences sector said Bayer AG has also invested USD35 million in Ji Xing, which was founded by RTW.
Ji Xing is a clinical-stage biopharmaceutical company representing 9.1% of RTW's net asset value at November 30 last year. Bayer is a Leverkusen, Germany-based pharmaceutical and biotech firm.
RTW said Bayer and Ji Xing will also begin a strategic collaboration focused on cardiovascular diseases and ophthalmology in China, as well as forming a joint portfolio strategy committee for additional business development.
RTW Investments Chief Investment Officer Roderick Wong said: "Ji Xing is on an exciting growth trajectory, driven by a world-class research and development team with a unique understanding of how to most effectively deliver innovative therapies that address complicated diseases to millions of patients in China and beyond.
"We believe Ji Xing is well-positioned to achieve its mission to bring breakthrough therapeutics to millions of people across China, and this latest development will provide Ji Xing with additional support and guidance from one of the world's largest and most renowned pharmaceutical and biomedical companies with deep experience in the cardiovascular and ophthalmology fields."
RTW shares fell 1.8% to 112.00 pence each on Monday afternoon in London. Bayer shares fell 0.4% to EUR35.08 each in Frankfurt.
By Harvey Dorset, Alliance News reporter
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