Partners Investment, GordonMD eye $150 mn biotech fund launch

Medical device and IT-based healthcare companies will be off their target list

(Courtesy of Getty Images)
(Courtesy of Getty Images)
Woo-Sang Lee 2
2025-01-23 17:24:40 idol@hankyung.com
Bio & Pharma

South Korean venture capital firm Partners Investment said on Thursday it will raise up to 215.5 billion won ($150 million) in a biotech fund jointly with the US-based GordonMD Global Investments, targeting biopharmaceutical startups in Korea and the US.

The fund, once launched, will mark the first biotech fund jointly managed by venture capital companies from the two countries. They aim to close the fundraising within the year.

Partners Investment and GordonMD will hunt for novel drug developers, ultimately to list them on the Nasdaq. Medical device and IT-based healthcare companies will be off their target list.

They will launch two vehicles, one in South Korea and the other in the US, while collaborating on deal sourcing, screening, management and exits.

"Given the fund size of approximately 200 billion won, we are likely to invest in 10 companies each in South Korea and the US," said Jae An, managing director of Partners Investment.

"We are targeting companies in their Series-B funding round," he added.

Established in 2000, Partners Investment has been investing primarily in the healthcare and life science sectors. It manages 1.15 trillion won in assets.

GordonMD's strong network in the US pharmaceutical market will support Korean drug developers with technology exports, Nasdaq listings and M&As, An said in a press release issued by GordonMD on Tuesday.

(Courtesy of Getty Images)
(Courtesy of Getty Images)

GordonMD, founded in 2021, specializes in biopharmaceutical investments in the US, Europe and Japan. It is understood to manage more than 2 trillion won in assets.

“Collaborating with Partners (Investment) positions us to pursue and invest in breakthrough therapies not only in the US but also in South Korea, a country increasingly active in the biopharmaceutical space,” said Craig Cordon, founder and CEO of GordonMD, in the press release.

“We are eager to identify and help nurture innovation and growth among pre-clinical and clinical biopharmaceutical companies,” added Gordon, a physician.

Its major investments include Kyverna Therapeutics which debuted on the Nasdaq in 2024 and Flare Therapeutics, which signed a $1.8-billion licensing deal with multinational healthcare firm Roche last year.

Write to Woo-Sang Lee at idol@hankyung.com
 


Yeonhee Kim edited this article.

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