China, Venture

Ge Li melds WuXi VC with Frontline, creating an $800M trans-Pacific powerhouse fund now hunting fresh biotech capital

WuXi’s Ge Li is leveraging up a whole new biotech venture group with ambitious plans to add to the hundreds of millions of dollars it’s invested in global biotechs.

Ge Li

Ge Li is throwing in his portfolio of 40 biotechs at WuXi Healthcare Ventures with Frontline BioVentures’ 20 investments, accounting for some $800 million of managed assets. Their new group is being renamed 6 Dimensions Capital and Frontline chief Leon Chen — a veteran Fidelity hand — will take over as CEO with Ge Li standing in as chairman.

Together, the VCs create a unique trans-Pacific fund dedicated to biotech, with Frontline heavily involved in Chinese syndicates backing companies like Innovent and TenNor Therapeutics (which overlaps with WuXi), with WuXi better known in the US, including investments for Agios, Syros and Unity Biotechnology. They announced the merger earlier this month.

Ge Li has been overhauling his entire global network of outsourced research and manufacturing operations. A few days ago WuXi Biologics spelled out its plans for a $513 million IPO for that end of the business. And his organization has been growing at a rapid pace as it leverages up new funds like this to increase its ties among a broad group of biotech and pharma clients.

“I believe the consolidation of the two distinguished teams enables the firm’s better execution of highly differentiated investment strategies to further solidify our leadership in the industry,” said Ge Li in a prepared statement. “Meanwhile, this is a major milestone for us, because fundamentally venture capital is about human capital. This new platform brings together more exceptional investment professionals, empowering us to discover and identify high-quality deals and to create value with and from portfolio companies from different dimensions.”

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