Lingshi Tan, dMed founder, chairman and CEO (via dMed website)

A boom­ing mar­ket pro­pels Chi­na CRO to a $100M raise. Is an IPO next?

Chi­na’s cost ad­van­tage and po­si­tion as the world’s sec­ond-largest pre­scrip­tion drug mar­ket has fu­eled its red-hot CRO in­dus­try over the last few years. On Thurs­day, Shang­hai-based dMed Bio­phar­ma­ceu­ti­cal wrapped up a $100 mil­lion Se­ries C round, which it says will blaze the path to an IPO.

Found­ed in 2016 by Ling­shi Tan, Pfiz­er’s for­mer gen­er­al man­ag­er of Chi­na R&D, dMed boasts sites in ma­jor cities across Chi­na, the US, and one lo­ca­tion in Bel­gium. It hooked a $50 mil­lion Se­ries B just last year, and opened a US reg­u­la­to­ry af­fairs of­fice in DC to help Chi­nese biotechs sub­mit US fil­ings and serve as a con­duit for US drug­mak­ers look­ing to out­source de­vel­op­ment to Chi­na.

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