MabPlex International, a Chinese contract developer and manufacturer of biopharmaceuticals, has garnered over 500 million yuan ($71 million) in a Series B round of financing led by private equity firms DT Capital Partners and Huajin Capital.
Global healthcare investment specialist OrbiMed, Chinese insurer Sunshine Insurance Group, the alternative investments unit of China Merchants Securities, Chinese venture capital firm Finnova Capital, private equity fund Horus Capital, and Beijing-based asset manager Qiandao Fund participated in the deal, said DT Capital Partners in a WeChat post on Monday.
MabPlex’s Series A backers GF Venture Capital, Yantai Finance Investment Group, and PE firm Huachen Equity Investment Management also invested in the Series B round. China’s state-owned investor SDIC Venture Capital also re-upped in the new round.
Established in June 2013, MabPlex operates as a global contract research/manufacturing organization (CRO/CMO) that primarily develops biopharmaceuticals, including monoclonal antibodies (mAbs), recombinant proteins, antibody-drug conjugates (ADCs) and bispecifics.
The company is headquartered in the Yantai Economic and Technological Development Zone, an area in the northeastern part of China’s Shandong Province. Besides a research and development centre in San Diego, the company also operates manufacturing sites in the Chinese cities of Yantai and Shanghai.
MabPlex, along with US-based ATUM and global life sciences firm Selexis, is among the major players in the cell line development market that is expected to reach $4.71 billion by 2024 from $2.12 billion in 2018, per a report from ResearchAndMarkets.com.
The market could demonstrate significant growth in the following years, thanks to the rise in demand for monoclonal antibodies around the globe.
MabPlex closed 400 million yuan ($56 million) in a Series A round led by SDIC Venture Capital and Chinese government-linked Shenzhen Capital Group in January 2019.