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Bukwang Pharmaceutical Co., Ltd. received 5.8 B KRW from its investment in CoLucid, an American pha

On March 28th 2017, Bukwang Pharmaceutical Co., Ltd.(“Bukwang”) announced that it received the distribution of approximately 5,200,000 USD (~5.8 B KRW) from its fund investment made through a Canadian life science investment company named TVM Capital: The amount is inclusive of the original cost and return on investment.

In January of 2017, CoLucid Pharmaceuticals Inc.(“CoLucid”) was acquired by Eli Lilly, a global pharmaceutical company, for 960,000,000 USD. Due to the transaction, Bukwang realized 400% return (4,200,000 USD) on its indirect investment of 1,000,000 USD in CoLucid made through ‘TVM Life Science Ventures VII,’ a fund managed by a Canadian life science investment company called TVM Capital.

CoLucid Pharmaceuticals Inc is an American venture company developing lasmiditan, a new drug for acute migraine. Recently, the Phase III study has been successfully completed, and the product launch is expected in 2018.

By participating in TVM Life Science Ventures VII Fund, Bukwang has been investing approximately 7,100,000 USD in twelve American and European venture companies that pose promising future in development of new drugs.

A representative of Bukwang said, “Bukwang is currently focusing on its R&D for new drug. As one of strategies, Bukwang invests in global funds as a limited partner, in attempt to discover competent overseas bio venture companies or startups in their early stage. Bukwang will continue to develop its overseas business.”

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