New fund expands options for Canada's cash-strapped biotech industry
The new Tandem Expansion (a private investment firm focused on growth capital for high-potential Canadian technology companies) fund of C$300 million ($284.4 million) announced last week presents a much-needed financing option for Canada's biotechnology industry. The Fund received investments from the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), contributing C$80 and C$75 million respectively.
The fund will invest between C$10 million and C$40 million on companies with the potential to become "global market leaders." Eligible companies must have a commercial technology and a roster of paying clients, Tandem specified in a conference call.
"For Canada to succeed in the knowledge economy, we need entrepreneurs who can turn research into world-class companies," commented Jean-Rene Halde, president and chief executive of the Business Development Bank of Canada. "They need access to growth capital pools from investors who back them," he noted.
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