Chinese clinical-stage biopharmaceutical firm Genor Biopharma on Monday announced that it has garnered $160 million in a Series B round of financing led by Asia-focused private equity major Hillhouse Capital Group.
Other investors in the new round include Singapore state investor Temasek Holdings, Shanghai-based private equity firm Haitong Capital, Cavenham PE, and CR-CP Life Science Fund, a 50-50 joint venture between China Resources Group and Thailand’s Charoen Pokphand Group that invests in life science companies.
Established in December 2007, Genor Biopharma is developing and commercialising therapeutic antibodies to fight cancer and other diseases. It has more than 400 employees in Shanghai, Yunan and Beijing in China as well as a laboratory in San Francisco. The firm has more than 10 products in its pipeline, with many of them at the clinical development stage.
Genor will use proceeds of the Series B round to finance the clinical development of its existing pipeline, R&D of early-stage innovative drugs, potential strategic partnerships at home and abroad, as well as preparation for the commercialisation of its mature products.
In December 2019, Bloomberg reported that the Chinese biopharma firm was planning an initial public offering in Hong Kong to raise about $200 million. It was said to have reached out to potential advisers for the share sale plan.
Shanghai-based Genor Biopharma raised 370 million yuan ($52 million) from Chinese asset managers Yingke PE and KEN Capital in June 2018. The previous round valued the firm at 3.47 billion yuan ($486 million).