Mitsui & Co will invest $5 million in a Singapore government-linked biotechnology research firm, adding to the rise in Japan's presence in the city-state's biotechnology industry.
Mitsui Ventures, the investment arm of Mitsui, will become the first Japanese company to invest in drug development firm S*Bio Pte., according to officials of the Singapore firm.
S*Bio was set up in 2000 with an original investment of $40 million. A group of European investors injected another $26 million into the firm in 2008.
Located in Singapore's science park, the company focuses on research and clinical development of drugs for cancer, including lymphoma and leukemia.
Mitsui Venture's investment underscores a growing recent trend for Japanese companies to show an interest in Singapore's biotechnology industry.
Last year, Takeda Pharmaceutical Co. opened its regional headquarters, Takeda Pharmaceuticals Asia, and a regional clinical coordination center in Singapore.