Fledgling biotechs and medical-technology startups in the U.S. and Europe have found a new source of funding for their costly research: China.
Foreign health-care investments by Chinese venture-capital and private-equity firms reached a record $3.5 billion last year, up from $500 million four years earlier, according to Bain & Co. Much of the new money has gone to buying stakes in U.S. and European firms.
