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Alibaba, Yunfeng to invest $170 million in drug data project


BEIJING (Reuters) – Chinese e-commerce company Alibaba Group said on Thursday it would help fund a pharmaceutical information platform being developed by CITIC 21CN Co., a subsidiary of CITIC Group. Alibaba Group and Yunfeng, a private equity firm founded by Alibaba Chairman Ma Yun, will subscribe for US$170 million of new shares in CITIC 21CN and take a 54.3 percent stake in the company. The goal is to channel CITIC 21CNs vast pool of pharmaceutical product data into Alibabas e-commerce, cloud computing and big data systems to win new business. Alibabas business-to-consumer platform, …

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