Beijing-based private equity firm Huagai Capital has led a $146.6-million round in China’s HaiHe Biopharma, which is engaged in the discovery, development and commercialisation of drugs for cancer treatment, according to an official release.
Other investors including Yingke PE, CSPC, Hillhouse Capital, Chinese Academy of Sciences Venture Capital, Atlas Capital, Boyuan Capital, Elite Capital, and Daehwa Pharmaceutical also participated in the round.
The company will use the funds to accelerate R&D push into its innovative anti-cancer drugs in clinical and pre-clinical stages, it said in the release.
In March 2018, Shanghai HaiHe Pharmaceutical Co., Ltd. merged with RMX (Shanghai) Pharmaceutical Technology Co., Ltd. The company is led by an academician of the Chinese Academy of Engineering and a National Thousand Talent.
Founded in 2012, Huagai Capital is a private equity investment institution jointly established by a group of professionals from well-known domestic and foreign investment institutions.
Last December, the firm was said to complete the RMB3 billion ($430-million) fundraising for its third medical vehicle. It is understood that Huagai Capital achieved three IPO exits in 2018 and anticipates five more this year.
In the medical sector, the firm focuses on bio-medicine, medical equipment and medical services.
At present, it manages a number of equity investment funds such as medical health funds, TMT funds, cultural funds, etc., with asset management scale over 10 billion RMB. Its first two medical funds have invested in about 25 projects.