Money is flowing in and out of China, and it’s touching every part of the ecosystem. Today, a Chinese CRO specializing in animal models for gene editing and targeting spread the word that it has reaped a $65 million Series C round led by domestic investors.
Biocytogen says the proceeds will go toward opening up markets both in China and overseas, product R&D, facility construction and talent recruitment. CMB International Capital Corporation, the financial arm of China Merchants Bank, led the round, with support from existing investors like SDIC Venture Capital Management (Series B lead), 3E Bioventures, Cowin Capital and Oriza Holdings.
CEO Yuelei Shen founded the company’s Beijing headquarters in 2009 after testing out the concept in Massachusetts, where he earned a medical degree. Since then, he has started a second location in Jiangsu and grown the team to 600 staffers, locking in academic and industry clients like the University of Oxford and J&J.
“In the coming five years, global R&D expenditure will continue to rise, and the pharma CRO industry will be a direct beneficiary of that,” said CMB managing director Kexiang Zhou in a statement. “As part of that global effort, the CRO industry in China will keep developing rapidly. The robust development of drug R&D in China will also contribute to its rise. Biocytogen has a solid foundation as an integrated biologics CRO, and we are very happy to support their next step.”
As a supplier of immunodeficient and immune checkpoint humanized mice, Biocytogen has benefited from the tailwind of immuno-oncology worldwide. Its platform is built upon two systems: one system derived from CRISPR/Cas9 and another vector construction technology focused on embryonic stem cells.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 32,300+ biopharma pros who read Endpoints News by email every day.Free Subscription