IDG, Qiming co-lead $70m Series B funding in biotech firm ZhenGe

Contract development and manufacturing organisation (CDMO) firm Shanghai ZhenGe Biotechnology Co., Ltd has secured as much as $70 million in its Series B round of financing jointly led by China’s global VC Qiming Venture Partners and return backer IDG Capital.

The round brings the total corpus garnered by Zgbiotech to $125 million. The investee had earlier in March 2020 raked in $51 million in its Series A round from IDG Capital, Korea Investment Partners China, healthcare-focused LYFE Capital, Shanghai International Group’s Guofang FOF Equity Investment, AJ Groups’ investment arm GT Capital and Co-win Capital. 

The latest round attracted a slew of new investors – China Merchants Bank’ Hong Kong-based arm CMB International, Shanghai local govt-led fund GP Capital, Chinese Academy of Sciences Holding’s PE arm Cash Capital and Hangzhou Fulin Investment.

Existing investors including LYFE Capital, Guofang FOF and GT Capital also made follow-on investments, the investee said in a WeChat post.

ZhenGe will invest the proceeds for the construction of manufacturing facilities within the Shanghai Pilot Free Trade Zone. 

ZhenGe, a fully-owned company of Hong Kong-based ZenCore (HK) Limited that started operations in 2017 in Shanghai, has so far served over 80 clients for clinical-stage production and investigational new drug application projects.

Its offerings are used for treatments toward vaccine products, antibody-drug conjugate, fusion protein, bispecific antibody, and monoclonal antibody. 

 

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.

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.