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.
