HaiHe Biopharma, a Chinese biopharmaceutical firm that develops innovative anti-tumour drugs, has raised 1.2 billion yuan ($171 million) in a Series B round of financing led by Warburg Pincus.
Other investors who participated in the round include CMB International, a wholly-owned subsidiary of China Merchants Bank (CMB), Legend Capital, a venture capital unit of China’s Legend Holdings, and CICC Capital, the flagship private equity platform of Chinese investment bank CICC.
Chinese investment bank CEC Capital, the exclusive financial adviser of the deal, announced the completion of the Series B round in a WeChat post on Friday.
Chinese investment companies Chaos Investment and Jiangsu Ruihua Investment Holding Group, as well as Beijing-based asset management firm ALAN AMC, also participated in the deal.
Haihe Biopharma’s investors in the Series A round, including Chinese healthcare fund BioTrack Capital, Shanghai-based investment companies Yingke PE and Atlas Venture, and Hong Kong-listed pharmaceutical firm CSPC Pharmaceutical Group, re-upped investments in the company.
Shanghai-based Haihe Biopharma has developed a precision medical platform guided by biomarkers, as well as a fully integrated pre-clinical evaluation technical platform and clinical study system for innovative drugs.
The company is involved in chemistry, manufacturing and controls (CMC), biomarker discovery and validation, medical strategy, and clinical study. It currently has eight compounds in the clinical stage and three compounds under pre-clinical studies.
“This is the first mega-deal made by Warburg Pincus in the Chinese innovative drug field,” said Fang Min, a Shanghai-based managing director at Warburg Pincus, in the post. “China’s innovative drug industry, especially the sector of anti-tumour drug development, represents a great growth potential.”
Proceeds will be used to finance the R&D and commercialization of the company’s innovative anti-tumour drugs in the global market.
In February 2019, HaiHe Biopharma raised $146.6 million in a round led by China-focused private equity firm Huagai Capital. The previous round was backed by Yingke PE, CSPC, Hillhouse Capital, Chinese Academy of Sciences Venture Capital, Atlas Capital, and BioTrack Capital, among others.