China Merchants Group leads $78m funding in Gmax Biopharm International

Source: Volodymyr Hryshchenko/Unsplash

Clinical-stage biopharmaceutical firm Gmax Biopharm International Limited has secured $78 million in a Series C round funding led by state-backed conglomerate China Merchants Group, the investee said in a WeChat post.

The latest transaction, on March 5, attracted a slew of prominent investors including Chinese clinical contract research organisation (CRO) Tigermed, Parkland Medtech Limited, telecom operator DAWN, Brill Capital, Cowin Capital, and Ziyao Fund.

Gmax Biopharm will invest the proceeds for the clinical trials of antibody candidates within and outside China, to facilitate new drugs’ clinical trial application, as well as to achieve new drugs’ listings.

“The financing will help revamp our clinical trials and develop pipeline candidates to produce more innovative medicines for global patients,” said Gmax Biopharm’s founder, chairman, and CEO Shuqian Jing. 

Wholly-owned by Hong Kong’s Jimeide Biotech, Gmax Biopharm aims at G-protein coupled receptors (GPCRs) therapeutic antibody and bi-body development that are used in traeting cardiovascular diseases, metabolic disorders, and cancers. 

Gmax Biopharm has launched a robust pipeline of 20 drugs for diabetes, obesity, and other diseases. 

Gmax Biopharm is based in East China’s Hangzhou, and it has set up overseas divisions across US, Europe, and Australia. 

In 2017, Gmax Biopharm had closed an undisclosed Series B round from healthcare-driven investment firm YF Capital.

Earlier his month, Gensciences, another biopharma firm, raised over 800 million yuan ($124 million) from IDG Capital, New Alliance, Huaige Capital, and Haitong Capital, among others. 

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.