Chinese biotech firm Creative Biosciences raises $88m from IDG, CDH, others

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Chinese early-stage cancer screening solutions developer Creative Biosciences (Guangzhou) Co., Ltd, on Sunday announced that it has pocketed 600 million yuan ($88 million) in a Series C round led by healthcare-focused private equity firm Tsing Song Capital.

The fresh fundraising round was joined by a clutch of new investors including state-backed GDD Industry Fund Investment Group, Oceanpine Capital, Judu Investment, Linden Asset, Sharewin Capital, Guangzhou Jinkong Fund, and Think Real.

Returning backers IDG Capital and Chinese alternative asset firm CDH Investments also participated in the round, Creative Bioscience said on WeChat. IDG together with CDH, CDBI Partners, Jinhe Fund, and Jinheng Fund had seeded 300 million yuan ($44 million) in Creative Biosciences in April, 2019. 

Chinese new-economy based China Renaissance facilitated the latest transaction.

With the proceeds, Creative Biosciences will aim to consolidate product innovation, expand its sales and marketing channel, and invest in talent enhancement. 

The company, which was founded by Hongzhi Zhou, a professor at Sun Yat-Sen University in Guangzhou, delivers early-stage cancer screenings and other diagnostic kits that primarily cater to colorectal cancer. In addition, the five-year-old company has developed point-of-care testing (POCT) products for lung tumors, and liver cancer, among other diseases. 

According to a press release in March this year, Creative Biosciences had acquired Helixgen (Guangzhou), a precision medicine player, which specialises in molecular diagnostics and POCT testing platforms, to advance the product lines and competitive capacities. 

“Given the healthcare system reformation initiated by the Chinese government, we believe in the future of the niche and nascent cancer test segment,” said Dr. Song Zhang, managing partner, Tsing Song Capital.

Zhou is the largest shareholder in Creative Biosciences holding a 41.95 per cent stake, while YuanBio Venture Capital is the second-largest shareholder with a 15.72 per cent equity interest. The majority shareholders include CDH (9.17%), IDG (6.76%), and Sinopharm Capital (2.98%). 

YuanBio Venture Capital had exclusively poured an undisclosed capital for Creative Biosciences’ Pre-A round of funding back in 2016. Subsequently, Sinopharm Capital had made a strategic investment in Creative Biosciences in August 2019. 

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. 
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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.