Fidelity Gambles $250 Million on China's Booming Biotech Scene

Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd, launched its first dedicated China healthcare fund on Tuesday, doubling down bets on the country’s rapidly growing medical sector. The firm, which said it also plans to launch a China-dedicated technology fund, said the $250 million China healthcare fund will allocate 40 percent of the capital in therapeutics, betting on a boom in innovative drugs in China. “We’re about to witness an explosion of innovative drugs in China,” said Liu Weimin, partner at Eight Roads, which has invested in over 150 Chinese companies including Alibaba Group, WuXi AppTec and Innovent Biologics.