(VCBeat) Mar. 22, 2021 -- Shanghai Zhenge Biotech Co., Ltd. ("Zhenge Biotech") recently announced the completion of a $70 million Series B round of financing, co-led by Qiming Venture Partners and IDG Capital, with participation from CMB International, GP Capital, CASH Capital and Hangzhou Fulin Investment. Investors from the Series A financing, including LYFE Capital, Shanghai International Group and GT Capital, also joined the investment.
Up to now, Zhenge Biotech has raised $125 million in total. The latest funds raised will be used for the construction of the commercial production base in Lin-gang Special Area, which includes a number of GMP-compliant production lines, covering an area of 45.8 mu.
Zhenge Biotech is engaged in CDMO services of macromolecular drugs. The company has already served more than 80 clients and accomplished 100 projects, including multiple clinical-stage productions, and a large number of IND applications and others, covering monoclonal antibodies, bispecific antibodies, antibody-drug conjugates (ADCs), fusion proteins, vaccines, etc.
Zhenge Biotech has an industry-leading and experienced team of experts, and has formed a strong cooperation mode in the fields of cell line development, process development and characterization research, CMO services of clinical samples, etc. The team has developed the first domestic PD-1 antibody production process, with high yield and low price, benefiting cancer patients.
In addition to CDMO services of macromolecular drugs, Zhenge Biotech also provides the advanced cell culture platform, nutrient/metabolite analysis platform, recombinant protein analysis platform, and dry powder medium pilot production platform for its clients.
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and San Francisco Bay Area. Currently, Qiming Venture Partners manages seven US Dollar funds and five RMB funds with over US$4 billion assets under management. Qiming Venture Partners invests in information technology, new consumer business patterns, and the healthcare sector.
About IDG Capital
IDG Capital is an investment firm that funds early- to growth-stage companies in the technology sector. Today they work with private equity and venture capital fund managers, investment advisors, and business entities from around the world.