Infinity announced today that its Infinity-I-China Fund has participated in a $13 million investment in Chiral Quest, which is based in Princeton, New Jersey and has operations in Jiashan, China.
Chiral Quest is a technology-based company creating chiral solutions for the pharmaceutical industry, assisting pharmaceutical and biotechnology companies to develop processes for the manufacture of their candidate drugs.
The announcement came during the Infinity LP annual meeting in China. In attendance was delegation from Infinity investor IDB. The delegation was led by IDB deputy chairman Avi Fischer.
Infinity, a returning investor with Chiral Quest, has joined with Kleiner Perkins Caufield & Byers China, the China Spring Fund and JAIC in this series B financing round.
Infinity I-China chief scientific officer Dr. Bella Ohana said, “Infinity identified the medical sector as a major focus long ago. The investment in Chiral Quest, which follows our recent investment in China Medicine On-line, further strengthens our position in the area of life sciences in China and worldwide."
Senior director at Infinity I-China, William Li said, “The market opportunity for Chiral Quest is high. It is estimated that the market for chiral chemistry in pharmaceuticals is more than $3 billion."
Infinity I-China managing partner Amir Gal-Or added, “In addition to medical, the sectors of agriculture and water cleantech will also be major focuses of Infinity in China in 2009.”
Infinity Equity currently manages more than $600 million through three funds, two in China. Infinity I-China is the firm's second fund in China.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2009
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