WuXi Healthcare Ventures, Frontline BioVentures Merge to Form $800 Million Powerhouse Biotech Fund
18th May, 2017, Shanghai, Hong Kong, Boston, San Francisco. WuXi Healthcare Ventures (WuXi Ventures) and Frontline BioVentures (Frontline) jointly announced today a merger to form one healthcare investment group named 6 Dimensions Capital. It will become one of the largest healthcare focused investment firms with an in-depth focus and extensive coverage across China and the US. Dr. Ge Li, the founder, Chairman and CEO of WuXi AppTec, and a Founding Partner of WuXi Healthcare Ventures, will become 6 Dimensions Capital’s Chairman of the Board. Dr. Leon Chen, the Founder and Managing Partner of Frontline BioVentures, will become 6 Dimensions Capital’s CEO. The new investment team will consist of 26 investment professionals, including 9 Partners and 7 Venture Partners.
Frontline was founded in 2012 by seasoned life sciences venture capitalist, ex-Partner of Fidelity Growth Partners-Asia, Dr. Leon Chen. Currently, Frontline manages two RMB-denominated funds and one USD-denominated fund, with a combined AUM of RMB 3 billion, and has cultivated a portfolio of close to 20 companies. A spin-off from WuXi AppTec’s corporate venture department established in 2011, WuXi Ventures currently manages two USD-denominated funds with a combined AUM of USD 350 million and has invested in a portfolio of close to 40 companies. The resulting 6 Dimensions Capital will be managing a combined AUM of RMB 5.5 billion, or close to USD 800 million, and plans to start raising new RMB and USD-denominated funds in the near future.
The teams are highly complementary to each other. Frontline has a more established venture investment exposure in China and WuXi Ventures has a clear advantage with its access to innovative startups in the US. The benefit of a combined force motivated top management to come together. The merger creates a powerhouse to fund innovation in an optimal position to capture the biggest value appreciation on both sides of the Pacific.
Commenting on the formation of 6 Dimensions Capital, Dr. Ge Li said, “I am very pleased to see that the two teams have joined forces. WuXi AppTec, WuXi Healthcare Venture and Frontline BioVentures’ management teams have an established, close, and efficient collaborative relationship. Facing the rapidly growing and evolving healthcare landscape in China, and a promisingly continued innovation-driven environment in the US, I believe the consolidation of the two distinguished teams enables the firm’s better execution of highly differentiated investment strategies to further solidify our leadership in the industry. Meanwhile, this is a major milestone for us, because fundamentally venture capital is about human capital. This new platform brings together more exceptional investment professionals, empowering us to discover and identify high-quality deals and to create value with and from portfolio companies from different dimensions.”
Dr. Leon Chen said, “the managing partners of both firms have a long history of close collaborations with successful outcomes. We share the same vision, have an established chemistry, and have a mutual trust in working together through previous investment opportunities. This history has laid a solid foundation for a fast integration. I believe at this new and elevated starting point, 6 Dimensions Capital will be equipped with economies of scale in deploying capital and resources, and further strengthen our deal sourcing and risk control capabilities. 6 Dimensions Capital aims to not only generate even larger value for our investors, but also favorably contribute to healthcare industry development in China and in the US at multiple dimensions.”
Frontline was founded in 2012 by seasoned life sciences venture capitalist, ex-Partner of Fidelity Growth Partners-Asia, Dr. Leon Chen. Currently, Frontline manages two RMB-denominated funds and one USD-denominated fund, with a combined AUM of RMB 3 billion, and has cultivated a portfolio of close to 20 companies. A spin-off from WuXi AppTec’s corporate venture department established in 2011, WuXi Ventures currently manages two USD-denominated funds with a combined AUM of USD 350 million and has invested in a portfolio of close to 40 companies. The resulting 6 Dimensions Capital will be managing a combined AUM of RMB 5.5 billion, or close to USD 800 million, and plans to start raising new RMB and USD-denominated funds in the near future.
The teams are highly complementary to each other. Frontline has a more established venture investment exposure in China and WuXi Ventures has a clear advantage with its access to innovative startups in the US. The benefit of a combined force motivated top management to come together. The merger creates a powerhouse to fund innovation in an optimal position to capture the biggest value appreciation on both sides of the Pacific.
Commenting on the formation of 6 Dimensions Capital, Dr. Ge Li said, “I am very pleased to see that the two teams have joined forces. WuXi AppTec, WuXi Healthcare Venture and Frontline BioVentures’ management teams have an established, close, and efficient collaborative relationship. Facing the rapidly growing and evolving healthcare landscape in China, and a promisingly continued innovation-driven environment in the US, I believe the consolidation of the two distinguished teams enables the firm’s better execution of highly differentiated investment strategies to further solidify our leadership in the industry. Meanwhile, this is a major milestone for us, because fundamentally venture capital is about human capital. This new platform brings together more exceptional investment professionals, empowering us to discover and identify high-quality deals and to create value with and from portfolio companies from different dimensions.”
Dr. Leon Chen said, “the managing partners of both firms have a long history of close collaborations with successful outcomes. We share the same vision, have an established chemistry, and have a mutual trust in working together through previous investment opportunities. This history has laid a solid foundation for a fast integration. I believe at this new and elevated starting point, 6 Dimensions Capital will be equipped with economies of scale in deploying capital and resources, and further strengthen our deal sourcing and risk control capabilities. 6 Dimensions Capital aims to not only generate even larger value for our investors, but also favorably contribute to healthcare industry development in China and in the US at multiple dimensions.”