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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