Jiangsu Tripod Preclinical Research Laboratories (Tripod), a Chinese contract research organisation (CRO) in the biopharmaceutical space, has raised nearly 1 billion yuan ($156.2 million) in new funding.
The new round was jointly led by China’s Ruihua Investment Management; biomedical venture capital firm Lilly Asia Ventures (LAV); and GL Ventures, the venture arm of Asia’s private equity major Hillhouse Capital Group, according to a statement on Friday.
The round also attracted the participation of a large group of investors, such as IDG Capital, L Squared Private Management, Qiming Venture Partners, 3H Health Investment, YuanBio Venture Capital, and Loyal Valley Capital.
Tripod, headquartered in eastern China’s Nanjing city, provides preclinical research services for global pharma companies, drug R&D enterprises and institutes, and medical device developers. Its range of studies and services cover bioanalysis, carcinogenicity studies, clinical pathology and histopathology tests, safety pharmacology, and more.
It facilitates clients in the drug and medical apparatus registration process across markets including China, North America, Australia, and Europe.
The proceeds will help Tripod advance its biopharmaceutical R&D services and expand good laboratory practices (GLP)-regulated labs. The firm also seeks to further expand its offerings by exploring innovative technologies and services that can be used in preclinical studies.
Prior to the funding round, Tripod’s shares were listed on the National Equities Exchange and Quotations (NEEQ), an over-the-counter system for the trading of the shares of a public limited company in China.
Wuhan Lihe Chemical New Material, a chemical compounds firm in China, agreed to acquire a 20.9% stake in Tripod from its shareholders at a price of 6.4 yuan ($1) apiece in August 2018.
The earlier transaction, which amounted to a total of 46.7 million yuan ($7.3 million), made Lihe Chemical the firm’s biggest shareholder, according to a regulatory filing at the time. Lihe Chemical was previously Tripod’s second-largest shareholder with a 14.9% stake.