Thousand Oaks Biopharmaceuticals Co., Ltd has raised 450 million yuan ($64 million) in a Series B round of financing jointly led by CICC Capital’s sub-fund CICC Jiatai and CITIC Securities’ private equity arm Goldstone Investment Limited.
China Construction Bank’s investment vehicle CCB International, Wens Investment and Shanghai Huaxu Investment also joined the round, the company said in the statement.
The round comes a month after it raised an undisclosed sum from CICC Capital’s sub-fund CICC Jiacheng Investment and Yinglian Health Fund.
The proceeds will be used to strengthen its contract manufacturing capacity and cell culture medium research.
“We will continue to consolidate our competitive products, besides services and research capacity. We are ramping up efforts for a novel biopharmaceutical company offering chemical, manufacturing and control services,” said Thousand Oaks chairman Dr Shun Luo said in the statement.
Thousand Oaks, set up in 2017 and located at East China’s Jiangsu province, primarily offers protein and vaccine-associated innovative drugs for biopharmaceuticals in and out of China. Additionally, it specializes in the R&D of serum-free medium through its subsidiary Jianshun Biosciences.
The company claimes to have served leading pharma firms such as HK-listed oncology-focused Innovent, molecular nuclear oncology therapy developer SmartNuclide Biopharma, Suzhou Zelgen Biopharmaceuticals, and Stainwei Biotech.
In January 2019, Thousand Oaks raised 300 million yuan ($43 million) in a Series A round of funding from investors comprising state-owned Sumin Investment, Addor Capital, New Alliance, Tenyall Investment Management, among others. Prior to it, Broadview Capital Management and Lanwan Capital had participated in its angel round back in 2017.