For­get the biotech mega-round. Try the $200M-plus Chi­na 'ul­tra' on for size

Shang­hai-based I-Mab Bio­phar­ma is help­ing to re­cal­cu­late what the word “big’ means in biotech ven­ture rounds. And it’s not $100 mil­lion.

The biotech has raised $220 mil­lion in what it says is the largest C round ever for a Chi­nese biotech. And the bulk of the mon­ey for this ul­tra-round is com­ing from some home-grown funds in Chi­na that have been spawn­ing a slate of new ven­tures that are aim­ing at the vir­tu­al overnight cre­ation of ful­ly in­te­grat­ed bio­phar­ma com­pa­nies, from re­search soup to com­mer­cial nuts.

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