Five months after announcing plans to develop a biotechnology business, Hong Kong-based technology banking group e2-Capital is beginning to put its money where its mouth is.
The company, along with six other investors, has chipped in HK$5 million $640,000 for a 6.5% stake in ChipScreen BioScience, a HK$76 million drug-screening joint venture with Beijing-based Tsing Hua University. The biggest investor, with a nearly 19% stake, is Hong Kong's New World Development real estate group.
e2-Capital also agreed to become ChipScreen's financial advisor and help it raise future capital, which it says it will need in about two years. ChipScreen, which is based in Shenzhen, has developed proprietary biochip...
