In recent years, there has been a wave of biotechnology cooperation between Taiwan and Japan. In addition to pharmaceutical and biotechnology research and development companies, the scope of cooperation has expanded to include venture capital cooperation.

For example, DCI Partners, a subsidiary of Japan's Daiwa Securities Group, has launched a Taiwan-Japan biotechnology fund, and due to the enthusiastic response from Japanese investors, the capital size has reached ¥15.3 billion (approximately NT$3.29 billion).

In addition, Taiwan Capital has entered into negotiations with Mizuho Financial Group, one of the top three financial institutions in Japan, to establish a US$200 million fund, hoping to launch Taiwan's first offshore fund.

Taiwan Capital is a national venture capital firm established with a 40% capital contribution from the National Development Fund and currently manages six funds with a total of US$25.75 billion, including biotechnology funds. To expand its international connections, Taiwan Capital has been exchanging ideas with Japan in recent years and hopes to launch its first offshore fund this year to attract non-Taiwanese investors and jointly facilitate the development of Asian biotech companies into the global market.

Taiwan Capital announced in 2021 that it was in negotiations with Japan's Mizuho Financial Group (Mizuho) to establish a collaboration, and industry sources have revealed that TFN's collaboration with Japan this year is with Mizuho Financial Group's fund. It is understood that the biotech fund to be set up by Taiwan Capital with the Japanese side will have a capital size of US$200 million (approximately NT$6.4 billion).