CDH, CMG-SDIC fund co-lead $62m Series C round in Virogin Biotech

Vancouver-based Chinese biotechnology firm Virogin Biotech has pocketed $62 million in a Series C round co-led by Chinese alternative management firm CDH Investments and CMG-SDIC Fund, a joint fund of state-owned SDIC Fund Management and China Merchants Capital.

The round also saw participation from Seoul-based Korea Investment Partners (KIP), healthcare-focused Panlin Capital, Linden Asset, Xiaoxi Holdings, and Peking University Alumni (Canada), CDH announced on Monday.

BMD Capital served as the financial advisor.

Virogin plans to invest the proceeds for clinical trials of its drug candidates and also for potential partnerships.

Co-founded by Chris Huang and William Jia in 2015, private-owned Virogin creates affordable oncolytic virotherapies based on antitumor immunity technology. Its flagship drug candidate, VG161, has received approval from the regulatory authorities in Australia for a Phase I clinical trial in humans, it had announced in January 2020.

Besides Vancouver, the company has a research base in Shanghai as well.

“To invest in oncolytic virotherapy is valuable in the emerging biotech area, we are positive on its demand in immunotherapy,” said Huayi, managing director, CMG-SDIC Fund, in the statement.

Before the current round, Virogin closed a nearly $10 million strategic investment from state-owned China National Pharmaceutical’s investment vehicle Sinopharm Capital in December 2018. In March that year, it had garnered an undisclosed amount in its Pre-B round from biotech-centered Sangel Capital, Borun Capital, Cannova Capital, and PurityStar.

SDIC expedites investments in healthcare sector. Of late, SDIC has joined hands with China Merchants Bank, China Life Investment Holding, 3E Bioventures Capital, Cowin Capital, and Baifu Capital together infusing 972 million yuan ($142 million) in Beijing-based biotechnology platform Biocytogen’s Series D+round funding on September 15, 2020.

On September 2, SDIC’s equity investment arm SDIC JULI Investment Management led a 420 million yuan ($61 million) investment in biopharmaceutical firm Waterstone Pharmaceuticals’ Series C round.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.