KUALA LUMPUR, Nov 23 (Bernama) — Malaysian Biotechnology Corporation (BiotechCorp) Sdn Bhd will provide a ‘Bio-Technology Venture Fund’ worth US$100 million (RM317.63 million) to boost the country’s biotech industry.
Its chief executive officer Datuk Dr Mohd Nazlee Kamal said the fund is jointly administered by Intrasys Sdn Bhd and Exoreus Sdn Bhd, with BiotechCorp as corporate advisor.
The fund is available next year and can be tapped by biotech companies operating in Malaysia.
“The issue that we are grappling with investments in biotech is that no venture capital companies really have the expertise to do a due diligence process for biotech companies.
“We need to make sure that the financial component would be tackled, so that those companies with good technology are given a chance to drive forward and be a global player,” he said at a press conference on the last day of the BioMalaysia 2011 and 2011 Pacific Rim Summit here Wednesday.
Meanwhile, Nazlee said BiotechCorp is also looking for investments from foreign companies to invest in green chemical production in Malaysia.
Companies it is already in discussions with include US firms Nature Works and Segetis Inc, Singapore-based company Purac and Netherlands-based company DSM.
By the end of 2015, BiotechCorp is targeting RM9 billion investments in Malaysia’s biotech industry from the approximately RM3 billion it has already secured.
BiotechCorp is expected to contribute close to 4% to the national gross domestic product by the end of 2015.