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ZLAB - Week In Review: Baidu Raising $2 Billion For New China Biopharma
Zai Lab Limited
Deals and Financings
Baidu (BIDU), one of China's major internet/AI companies, is talking with investors about raising $2 billion to fund a new China drug development and diagnostics company. It believes the $2 billion fundraising will take two years to complete. The new company plans to use Baidu's AI division for initial discovery of new products. According to Reuters, which broke the story, Baidu would not be the controlling shareholder of the company. Baidu did not comment on the news, which cited two unnamed sources who claimed direct knowledge of the plan.