Caixin
Sep 16, 2020 01:53 PM
BUSINESS & TECH

Chinese Biotech Firm Biocytogen Bags $142 Million in Fresh Fundraising

Beijing-based biotechnology platform Biocytogen has announced the completion of a 970 million yuan ($142 million) Series D+ round led by returning backer CMB International, a Hong Kong-based subsidiary of China Merchants Bank.

The round saw participation from a clutch of returning investors — SDIC Venture Capital, Chinese insurance group China Life’s equity investment arm China Life Investment Holding Company, healthcare-focused 3E Bioventures Capital, and Shenzhen-based Cowin Capital. New investor Baifu Capital also participated, Biocytogen announced onWeChat on Tuesday.

In August, SDIC had teamed up with CMB, China Life Investment, and 3E to infuse a combined 543 million yuan in Biocytogen’s Series D.

In 2018, SDIC, CMB, 3E, Cowin, Oriza Holdings and Beijing Sanyi Investment Management had together poured 410 million yuan in a Series C round of financing in Biocytogen. A year earlier, SDIC had made an undisclosed investment in the company’s Series B round.

“The fresh proceeds will be used to accelerate the project of [developing] fully-human antibodies using ‘mice models’,” said Yuelei Shen, CEO, Biocytogen, in the WeChat statement. “We will ramp up efforts to work with more pharmaceutical companies in China and beyond, to facilitate the commercialisation of our drugs.”

With headquarters in Beijing and branch offices in Shanghai, Jiangsu and Boston in the US, Biocytogen is a preclinical-stage biotech company that aims to develop antibody drugs. It claims to have served over 2,000 clients globally in 2019.

Biocytogen had acquired the Beijing-based antibody drug development company Encure (Beijing) Biopharma in late August this year. According to a filing dated August 20, Biocytogen has also partnered with Korean biopharmaceutical player Eutilex Co. Ltd. to expedite the discovery and development of antibody drugs.

Of late, a slew of Chinese biopharma players have raised money from SDIC Group. Waterstone Pharmaceuticals secured 420 million yuan in a Series C round led by SDIC’s equity investment arm SDIC JULI Investment Management this month. In August, Hong Kong-listed Sichuan Pharmaceutical Holding Group’s subsidiary Xuanzhu Biopharmaceutical raised 800 million yuan ($116 million) in a Series A round of equity financing led by SDIC.

This story was originally published by Deal Street Asia

Contact editor Yang Ge (geyang@caixin.com)

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