LP Pharma raises $72m Series C funding led by Sequoia Capital China

LP Pharmaceuticals (Xiamen) Co., Ltd has raised 500 million yuan ($72 million) in Series C funding led by Sequoia Capital China, according to a company statement on Wednesday.

The funding round saw participation from a clutch of new investors: Industrial Bank, Shenzhen Capital Group, DYEE Capital, Qiandao Fund, Lapam Capital, Fujian Innovation Investment Management, Silicon Valley Huoju Fund, and CICC Transfar, a 10 billion yuan ($144 million) joint fund set up by CICC Capital and the Transfar Group in 2019.

BMD Capital served as the financial advisor for the deal.

“We will use the proceeds to accelerate the R&D of innovative pipelines, enhance the clinical use of drugs, and advance drug innovations,” said Ying Ye, founder and CEO, LP Pharmaceuticals, in the statement.

Established in 2012, Xiamen-based LP Pharmaceuticals produces new generation drugs based on its proprietary delivery platforms including mucosal and oral controlled releases. Its therapeutic areas include disorders of the central nervous system, cardiovascular diseases, cancer, and AIDS.

Ying, who owns a 32.88 per cent stake, is the largest shareholder in LP Pharmaceuticals. Major shareholders include the state-owned SDIC Fund Management (14.29%), China Merchants Bank (10.72%), and aviation company Xiamen Air’s investment arm (5.71%).

SDIC Fund Management, along with CMB International, and Zhangzhou Pien Tze Huang Pharmaceutical had collectively seeded 200 million yuan ($29 million) in LP’s Series B financing in 2017. In 2015, China Construction Bank’s CCB Capital and Qunxian Capital had made an undisclosed investment in the company. 

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.