CBC Group, a private equity firm focused on the health-care industry, is preparing more of its portfolio companies for the capital markets on the back of growing investor demand.
Chinese drug developer I-Mab raised $104 million in an initial public offering in U.S. this month and the stock has since risen about 8%. Singapore-based CBC Group, which manages more than $2 billion, is one of the early investors in I-Mab.
“We have a strong portfolio of companies across our three core health-care sectors: pharma, medtech and services, many of which are progressing well,” Fu Wei, the founder and chief executive officer of CBC Group, said in an interview. “Looking at the year ahead, we expect to see more capital market activities.”
Everest Medicines, a biopharmaceutical company backed by CBC Group, is exploring an IPO, Bloomberg News first reported in June. The buyout firm has also invested in Chinese health-care firms including AffaMed Therapeutics, Innovent Biologics Inc. and Lu Daopei Medical Group, Fu said.
CBC Group was formerly known as C-Bridge Capital. Fu, founded the private equity firm in 2014 after working at various places including Far East Horizon Ltd.’s investment group and Goldman Sachs Group Inc.
The private equity firm is mostly interested in taking control of businesses that are not performing well so that it can turn them around, Fu said, adding that it’s also incubating startups to try help them grow since its early days.