China’s ZhenGe Biotech secures $100m in Series C round

Chinese contract development and manufacturing organisation (CDMO) major Shanghai ZhenGe Biotechnology has raised $100 million in a Series C round co-led by Goldman Sachs Asset Management and Sofina.

With this, ZhenGe has raised an aggregate of $225 million to date.

Novo Nordisk Foundation’s Novo Holdings joined existing backers including Qiming Venture Partners, IDG Capital, Lyfe Capital, GT Capital and Cowin Capital in the latest round. 

ZhenGe plans to invest the proceeds to advance its R&D capabilities and expand the good manufacturing practice (GMP) capacity to meet local and global demand. 

ZhenGe, set up in 2017 by its Hong Kong-based parent company ZenCore (HK), offers end-to-end drug discovery and development services for biotech and pharma companies. The company claims to have served over 100 clients.

Aside from R&D centres in Shanghai and the US, ZhenGe has a GMP facility in Shanghai. It also has a new commercial manufacturing base that is under construction. 

Over a year back, ZhenGe secured $70 million as part of its Series B fundraise jointly led by Qiming and IDG, with the participation of CMB International, GP Capital, LYFE Capital, and GT Capital. 

In 2020, it closed its Series A round from IDG, Korea Investment Partners China, Cowin Capital, Lyfe 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.