China biotech bags a $57M round as it races to complete R&D, manufacturing site
A group of marquee investors with close ties to Just Biotherapeutics in Seattle have come together to back a $57 million round for a Chinese joint venture building new lab and manufacturing operations in Hangzhou, offering fresh evidence of the booming biotech market in China.
Just Biotherapeutics was founded in Seattle by Jim Thomas and other Amgen vets, seeded partially by the Bill & Melinda Gates Foundation as they set out to develop low-cost antibodies that could be sold around the world. Now their affiliate, Just China in Hangzhou, is working on facilities which the company says will employ 100 scientists and engineers.
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