
A newly private Novartis partner bags a megaround on its first go to turbocharge CAR-T, cell therapy pipeline
An early forerunner of Chinese biotech’s growing influence globally, Cellular Biomedicine — or CBMG – appeared to be taking two steps backward when it delisted on Nasdaq and went private early this year. But the biotech had its eyes set on the future, and a new megaround of fundraising with big-name backers on board could put its plans back on the right track.
CBMG Holdings closed a $120 million Series A with backing from a group of prominent pharma players to drive its lead CAR-T therapies through the clinic and juice up its budding cell therapy pipeline, the company said Thursday. The round was co-led by the AstraZeneca-CICC Fund, Sequoia Capital China and Yunfeng Capital with participation from new and existing investors, including Novartis, GIC and TF Capital, CBMG said in a release.
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