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Insilico Medicine Cayman TopCo to Establish New Investment Fund

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Insilico Medicine Cayman TopCo (HKG:3696) plans to establish a new investment fund, worth 302.5 million yuan, via its wholly-owned subsidiary Insilico Medicine, according to a Tuesday filing with the Hong Kong bourse.

The fund, focused on the biopharmaceutical sector and other related industries, will be possibly named Insilico Pudong Development Value Partners (Shanghai) Private Equity Investment Fund Partnership, or the Insilico Medicine Exponential Technology Fund.

As part of the proposed structure, Insilico Medicine's wholly owned subsidiary plans to contribute 3 million yuan to establish a joint venture with Shanghai Pudong Construction and its controlling shareholder. The contribution would represent 60% of the joint venture's 5 million yuan registered capital, the filing said.

Shares of Insilico Medicine Cayman TopCo fell nearly 8% at market close.

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