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.