Third Party Drug Developer JOINN Biologics Completes $60M Series A Funding

According to EqualOcean, Beijing-based pharmaceutical service provider JOINN Biologics has announced its 60 million yuan Series A funding round.  The funding was led by Huagai Capital, with participation from Hong Kong's Hualian Holdings Company, Hangzhou-based VC firm Chaosheng Capital and Jiangsu-based VC firm Xiangtang Capital.

Proceeds from this fund will mainly be used to build a 100,000-liter production base of raw liquor and related reagents in Beijing that meets the GMP (Good Manufacture Practice of Medical Products) standards of China, the United States, and the European Union. This plan also means that JOINN Biologics will develop rapidly in the future, and help more R&D companies to apply for certification in China and the United States, and supply their products globally.

Founded in 2018, JOINN Biologics is a subsidiary firm of Beijing-based drug research company JOINN Laboratories. The company focuses on drug development and provides a variety of preclinical and non-clinical services to healthcare companies. Other subsidiaries include JOINN Laboratories in Suzhou and California.

Recently, JOINN Lab signed a binding agreement to merge with the American-based biomedical company Biomere at a cost of USD 27.3 million. The merging is part of the Chinese clinical provider's drive to expand its business in the United States.

After completing the funding round, HG Capital Medical Fund partner Zeng Zhiqing demonstrated his satisfaction and confidence in the pharmaceutical firm, believing that the firm will be among the future leaders in China's healthcare industry.

Founded in 2012, Huagai Capital is a private equity investment firm focusing on the investment business in the Chinese market. The company invests in start-up or growth companies in the areas of healthcare, TMT, and culture, with AUM of 10 billion yuan.

Founded in 2017 and located in Zhejiang, China, Chaosheng Capital is a private equity company focusing on the medical industry. The company is committed to the introduction of overseas leading brands and advanced technology.