China’s Citrine Medicine closes $80m in Series A round

Citrine Medicine Co., Ltd – co-founded by Eight Roads, F-Prime Capital and Vivo Capital – on Monday announced the completion of its $80-million Series A round led by next-generation life science-focused Quan Capital, per a company statement.

The round saw the participation of new investors namely 3H Health and Lake Capital along with the three founding backers.

Citrine, set up in 2019, is a rare disease-focused pharmaceutical firm that imports associated medicines for over 20 million patients in China. The company also leverages big data to raise public awareness and offer diagnosis analysis.  

“Citrine dedicates to introducing safe and accessible rare disease therapies from overseas. Our expectation is to set up an advanced database and ecosystem for Chinese patients who suffer from rare diseases. We also ramp up efforts to have the medicines approached through partnerships,” said Rui Lin, a partner at Eight Roads and the board member of Citrine, in the statement. 

Citrine claims that it will step up focus on the approval of medicines, and will expedite the R&D of pharmaceutical products globally. 

In the statement, it said that Chinese authorities encourage companies to import and develop solutions for rare diseases, as well as to accelerate drug applications and approvals. According to the China Rare Disease Drug Accessibility Report 2019, the government has rolled out a national action plan to improve the rare disease drug accessibility. 

Aside from Citrine Medicine, other Chinese prominent rare disease-focused pharma firms include CANbridge, Sperogenix Therapeutics, Evive Biotech and Beijing Tiantan Biological Products. 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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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.