Russian, U.S. Firms To Invest In Biotech

Rusnano, a Russian government-owned investment firm, has joined with the U.S. venture capital firm Domain Associates to create a life sciences investment fund. The partners expect to invest about $760 million in up to 20 U.S.-based start-up companies and in a pharmaceutical plant in Russia. Inventions from the portfolio companies are to be made and sold in Russia and other C.I.S. countries. The technology transfer is intended to help modernize Russian health care through new pharmaceuticals, medical devices, and diagnostics. The partnership also plans to manage late-stage clinical trials in Russia to support regulatory approval in Russia, the U.S., and other markets.