The Week in Review: Avenue Capital Starts $313 Million Fund for China Medical City

Avenue Capital Group has teamed up with China Medical City to form a $313 million healthcare fund; Merck launched a biomarker collaboration with BGI, the Shenzhen-based genomics powerhouse; ShangPharma will partner with Jiangsu Hengrui Medicine to develop novel monoclonal antibody drugs; Merck Serono, together with Pharmaron, opened a Beijing lab dedicated to Merck Serono’s R&D; HealthLinx employed China CRO CytogenDx to seek SFDA approval for its ovarian cancer IVD; Covidien will build a medical device R&D center in Shanghai; Dr. YouYou Tu of the China Academy of Chinese Medical Sciences was given the 2011 Lasker Award for discovery of artemisinin, a malaria treatment; and China’s low drug costs have caused shortages of a cardiac medication. More details…. Stock Symbols: (NYSE: MRK) (NYSE: SHP) (XE: MRK) (ASK: HTX) (NYSE: COV)