Temasek, its wholly-owned subsidiary True Light Capital, and HighLight Capital have invested around $210 million in Chinese drug discovery service provider VIVA Biotech Holdings, according to a company announcement on Monday.
Of the total funding, a sum of $150 million is for a 24.21% share in a unit of VIVA Biotech, VIVA Biotech Shanghai, per the announcement. The remaining $60 million of the investment has been secured in the form of convertible bond financing at HK$2 ($0.26) a share.
According to a separate filing, VIVA Biotech’s unit is also expected to list on an onshore stock exchange by the end of 2026.
VIVA Biotech raised $194 million in an initial public offering (IPO) on the Hong Kong Stock Exchange in May 2019. Its share price has dropped 76.14% to HK$1.20 ($0.15), its closing price on November 20, from its peak of HK$11.08 ($1.42) in June 2021.
Founded in 2008, VIVA Biotech provides early-stage drug research and development as well as drug discovery services to global biotechnology and pharmaceutical customers.
Some of VIVA’s earlier investors include Hong Kong family office JMCR Partners and China-based venture capital firm Ming Bioventures.
Post-IPO equity round backer True Light invests alongside Temasek in companies with a nexus to or a major business relationship with Greater China.
True Light closed its flagship fund at over $3 billion to invest across life sciences, technology, consumer, industrials, and business services in Greater China.
HighLight Capital is a Shanghai-based venture capital firm that has backed over 100 companies in the biopharma, medtech, and consumer health space.