Beijing Biostar Technologies, a Chinese developer of anti-tumour, small-molecule chemical drugs, announced on Thursday the completion of a Series E round at 890 million yuan (about $135 million).
The Series E round, which is also the firm’s pre-IPO round, was jointly led by biomedicine-focused investment firm Efung Capital and Matrix Partners China, said the firm in a statement.
Other investors included CCB International, a financial and investment service unit of China Construction Bank Corporation (CCB); and Sinopharma-CICC Capital, a joint venture between Chinese state-backed pharmaceutical firm Sinopharma and investment banking service CICC.
Tianjin Venture Capital, which invests in advanced manufacturing, TMT, consumer services, and beyond; and China’s Chengdu Tianfu International Bio-Town Investment & Development, also participated.
Established in 2002 in Beijing, Biostar focuses on the R&D, production, and sales of anti-tumour, small-molecule chemical drugs for the treatment of diseases like breast cancer, lung cancer, intestinal cancer, and gastric carcinoma, among others.
“The successful completion of the oversubscribed Series E round will unfold a new chapter for Biostar. It will help speed up the development of our existing product candidates, enrich and expand new drug pipelines, as well as offer driving forces to our international foray,” said Tang Li, chairman and founder, Biostar, in the statement.
“The new financing has laid the foundation for our planned IPO (initial public offering),” said Tang. She did not provide more detailed information, such as the firm’s IPO timeframe and listing location.
Biostar also plans to use part of the new proceeds to enhance the construction of its key technology platform, to finance international multi-centre clinical research, and to promote cooperation with institutions & partners worldwide.
Before the Series pre-IPO round, the firm had raised capital from a range of Chinese investors, including state-owned SDIC Venture Capital, Shenzhen-listed drug maker Betta Pharmaceuticals, and venture capital firm Fortune Capital.