China’s Lepu Biotech snags $186m Series B co-led by Ping An Capital

Chinese biotech startup Lepu Biotech has raised an aggregate of 1.291 billion yuan ($186 million) in a Series B round co-led by Ping An Insurance (Group)’s investment vehicle Ping An Capital and Sunshine Insurance Group-backed private equity firm Riverhead Capital Investment Management.

Other new investors include state-owned SDIC Unity Capital, Haitong Securities’ Haitong Innovation Capital Management, and Qingdao Minxin Qiyuan Investment, and China Reform Holdings Corporation’s joint fund, Lepu announced on WeChat. 

The fresh round follows the completion of an undisclosed equity interest investment earlier in April from Suzhou Kington Capital and existing investor CBD Guochuang Kaiyuan Fund of Fund (FOF), a state-owned private fund co-launched by China Development Bank’s CDB Capital and Suzhou Ventures Group. 

The state-owned FOF had invested in Lepu Biotech back in July last year along with Shiyu Capital, Sumin Investment, Lepu Medical, Suzhou Shareate Group and Le Cheng Medical Care for a $130-million round.

Lepu Biotech will allocate the latest proceeds to accelerate R&D efforts, clinical trials and new drug commercialisation. 

Lepu Biotech, set up by Lepu Medical’s founder Dr. Zhongjie Pu, develops affordable tumor immunology therapies. The two-year-old startup has developed as many as 12 pipeline products, seven of which are under clinical trials.

Ping An Capital has backed a slew of Chinese healthcare players including Hong Kong and Shanghai-listed WuXi AppTech, Hong Kong-listed drug-maker Innovent, Shenzhen-listed wound care product manufacturer and exporter Allmed, among others. 

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.