Munich/Montreal/Seoul, September 30, 2013 – TVM Capital Life Science announced today that the company entered into an MOU with the Korea Drug Development (“KDDF”) to support Korea’s ability to develop new drugs that meet global standards. The MOU was signed and announced between the KDDF and TVM during ‘BIO KOREA 2013 International Convention’ in Seoul in September 2013. This MOU is the KDDF’s third global MOU since its inception and the first one with a international Life Science Venture Capital firm. The KDDF’s mandate from the Korean government is to create successful drug development business models in Korea, while developing human resources for sustainable growth and build effective partnerships between government, industry (including the venture capital industry) and academia. With a budget of US$1 billion, including private matching funds, the KDDF is an unparalleled response to the clinical demands of the 21st century. TVM Capital Life Science will support the KDDF not only to identify (and potentially develop) drugs for the Korean market place but also help KDDF to build critical partnerships outside of Korea and to access talent there. In return, KDDF will be a very important and visible partner for TVM Capital Life Science to further establish presence and reach into the attractive pharmaceutical market place.
Dr. Dongho Lee, CEO of the KDDF, stated: “We are very happy to have established a strong partnership with TVM Capital Life Science as one of the leading venture capital firms in the world. This partnership will add undoubtedly new opportunities to strengthen our mission role for the development of new drugs in Korea that meet global standards.”
Dr. Hubert Birner added: “TVM Capital Life Science has identified Korea as very attractive country to drive pharmaceutical innovation and to do drug development in the future. We are looking forward to work with Dr. Lee and his team to leverage our global networks to the benefit of his mission for Korea”.
About the Korea Drug Development Fund
KDDF was established in 2011 and is a government-initiated drug development program that manages a total budget of US$1billion, including private matching funds, linking grant support to the achievement of milestone based research objectives. The program is backed by a collaborative effort of healthcare-related Korean ministries. KDDF’s vision is to transform Korea into the global leader for new drug development using three core strategies; 1) focus on the creation of successful drug development business models, 2) develop human resources for sustainable growth and 3) build effective partnerships between government, industry and academia.
About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with more than 25-years of transatlantic investment track record and in excess of US$1.1bn under management. The Life Science Investment Group’s mission is to invest in the development of exciting early stage drug candidates and companies in the medical field that are or aspire to be innovative leaders in their market segment. Since 1984, TVM Capital Life Science made 117 investments in life science companies in Europe and the United States and exited from 87 companies, including 42 initial public offerings on the NASDAQ, and the London, Frankfurt, Zurich and Vienna Stock Exchanges and 25 trade sales and mergers. TVM Capital Life Science currently invests from its 7th fund generation, TVM Life Science Ventures VII, with an integrated team of investment professionals based in Montreal and Munich.
For additional information, please contact:
Dr. Dongho Lee, CEO, Korea Drug Development Fund : firstname.lastname@example.org, +82-2-361-3610Dr. Hubert Birner, Managing Partner, TVM Capital Life Science: email@example.com, phone: +49 89 9989 92 0