Thousand Oaks Raises ￥400M in Series C Financing

(VCBeat) Mar. 10, 2021 -- Thousand Oaks Biopharmaceuticals ("Thousand Oaks"), a rapidly-growing contract development and manufacturing organization (CDMO) engaged in culture-media-related biotechnology, today announced that it has completed a Series C financing of over RMB 400 million in March 2021. 

This round of financing was jointly led by China Venture Capital Fund and GL Ventures. The new investors include CDH Investment, Highlight Capital, China-U.S. Green Fund and Sany Foundation that join the existing group of Goldstone Investment, CICC Capital, and Fosun's funds. CEC Capital acted as the exclusive financial adviser in this transaction.

"The new investment will be used in CDMO business and production expansion of the media business," Dr. Luo Shun, the chairman and chief executive of Thousand Oaks, said, "In terms of the media business -- Jianshun Biosciences, we have established stable and close cooperation with many domestic biopharmaceutical enterprises and people/veterinary vaccine manufacturers and has become the largest supplier of mammalian cell culture media. As for the CDMO business, we have served more than 40 clients in total over the past three years, and the order has achieved rapid growth every year. This round of financing will help us build the world's largest culture medium production base and an international-leading CDMO platform.

Established in 2016, China Venture Capital Fund is a state-level industrial investment fund approved by the State-owned Assets Supervision and Administration Commission of the State Council, with a total financing scale of 200 billion yuan. The fund mainly invests in scientific and technological innovation, technological upgrading and other fields to realize the self-control of the supply chain of China's strategic emerging industries. Biomedicine is one of the key areas of the fund.

GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.