Chinese biotech firm Varnotech snaps $84m Series B funding

Chinese biotech firm Varnotech snaps $84m Series B funding

Image by Ed Us from Unsplash.

Vaccine developer Varnotech has secured 600 million yuan ($84 million) in a Series B funding round co-led by Beijing Pharmaceutical and Healthcare Industry Investment Fund, a 20-billion-yuan ($2.8 billion) fund set up by Beijing State-owned Capital Operation and Management Company. 

The round, also led by Huayin Financial Investment, a subsidiary of state-owned Taizhou Huaxin Pharmaceutical Investment, saw the participation of China-focused investment firms including Watere Capital, Shunxi Venture Capital, and 3E Bioventures, among others, according to a release. 

The proceeds will be used to accelerate the clinical trials of the firm’s zoster and influenza vaccines as well as the construction of a vaccine production facility. 

Founded in 2019, the Beijing-based firm previously secured 130 million yuan ($20.4 million) in a Series A financing round led by life sciences- and healthcare-dedicated firm Fontus Capital in March 2021. 

Greater China’s biotech and pharmaceutical firms secured a total of $5.3 billion in investments through 261 transactions in 2023, according to DealStreetAsia’s proprietary data. The funding went down 19.4% compared to 2022 when around $6.6 billion was raised via 270 deals.

Edited by: Joymitra Rai

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