Innoforce gets $96M to build up China campus, including a new Thermo Fisher-partnered monoclonal antibody manufacturing facility
Several months after completing what it calls a “Pre-A” financing round, Chinese contract manufacturer Innoforce Pharmaceuticals is back at the venture well, drawing $96 million to build up its Hangzhou campus. This time, it’s bring a big-name partner along.
The money will go straight to construction, Innoforce said, with blueprints for a new monoclonal antibody manufacturing facility through a partnership with Thermo Fisher Scientific.
“We look forward to expanding our manufacturing platforms for gene and cell therapy as well as monoclonal antibody products for China and the world, and to bringing a variety of technologies to the campus, and to the creation and support of innovative product development companies,” CEO Yuling Li said in a statement.
The first phase of construction at the campus will cover 21 acres and is slated for completion at the end of 2021, Innoforce said. In the meantime, off-campus process development labs and support space are scheduled to open this May. Process and analytical tech development and CDMO capabilities for plasmid DNA, viral vectors, and cell and gene therapies will be “central to the campus,” according to a statement.
Back in November, Thermo Fisher inked a joint venture with Innoforce for a new manufacturing facility to produce monoclonal antibody and protein drugs, which should be completed in 2022. Earlier this month, Thermo announced that it’s pumping $600 million into its global manufacturing network as part of a move to ramp up its short-term Covid-19 work and more than double its capacity for the future.
“Our agreement with Innoforce will provide critical support in helping to meet the high demand for biologics in China,” Michel Lagarde, Thermo Fisher’s executive VP, said in a statement at the time. “The addition of the Hangzhou site will expand our existing global network and provide drug development and manufacturing services for customers in China, as well as for global customers seeking capabilities in the region.”
Innoforce’s Series A was co-led by South China Venture Capital (SCVC) and Yanchuang Capital, with help from others including Quan Capital Management, which led the $24 million “Pre-A” back in June.