Corange Invests In Life Sciences Fund

Corange, the parent company of German pharmaceutical firm Boehringer Mannheim, is to sponsor a venture-capital fund that will invest in companies in the field of life sciences, along with the Bayerische Vereinsbank and ING Group.

The companies each intend to invest 25 million Deutschemarks ($16.9 million). Further commitments will be sought from other investors, and the fund will have a targeted size of 125 million marks, extendable to a maximum of 150 million marks with agreement from the three main sponsors.

Corange said that the fund is being formed to invest in companies engaged in a wide range of life science activities, including human and animal health, medical devices, animal and plant genetics, and industrial processes involving biological activity. The intention is to make early, middle and late-stage investment for medium to long-term capital appreciation. The fund will have a 10-year life, extendable for up to two further years.