The principal source of financing for biotechnology in Singapore is Bio-One Capital, which is a subsidiary of EDB Investments Pte, the investment arm of EDB. Bio-One has two major objectives: long-term capital gains and the establishment of Singapore as a major center for the biotechnology industry.
In addition to financing, Bio-One has acted to establish important contacts with biotech and pharmaceutical companies, research institutes, and venture capital funds in Asia. Bio-One manages S$1.2 billion (around US$698 million) in four separate funds.
Singapore Bioinnovations Funds I and II emphasize overseas biotech companies. The funds have invested S$110 million (US$64 million) in fifty companies.
The PharmBioGrowth Fund co-invested strategically in companies that had operations in Singapore. This fund, along with Life Sciences Investment Fund, has invested S$100 million (US$58million) in 10 companies.
The Biomed Sciences Investment Fund invests in companies that have long-term plans to establish operations in Singapore. It has invested S$1 billion (US$581 million) in 30 companies.
A general aspect of the financed companies was that their involvement with Singapore had resulted in significant value added. A partial review of companies financed by Bio-One showed 22 drug discovery, 4 cell therapy, 8 medical technology, 2 biologicals, and 5 venture capital.
Twenty-one of the companies are headquartered in the U.S., two in the U.K., ten in Singapore, and one each in Germany, Israel, and France. Of the venture capital funds one was Swiss with the remaining four being U.S.
The success of Asian biotechnology companies will depend not only on financing but in establishing close relationships with institutions in U.S., Europe, and Asia, and Bio-One is in a position to facilitate this through its network of contacts.