HONG KONG SAR – Media OutReach – 21 January 2023 – On 17 January 2023, GenScript ProBio announced its Series C round of financing of nearly USD220 million, led by Legend Capital, which marks the largest scale in the CDMO sector in China since the second half of 2022. Several active healthcare investment institutions also participated in this round. The parent company, Genscript Biotech Corporation, also invested approximately USD30 million in this round.
The fund will help GenScript ProBio accelerate its manufacture capacity expansion and technology platform upgrading, enlarge footprint in the global market, strengthen quality and management system, deepen interaction with the broader healthcare ecosystem resources behind active investors, all of which will enable GenScript ProBio to enhance its leading position in the biologics and CGT (cell and gene therapy) CDMO space and become a top tier player on the global arena.
GenScript ProBio, a subsidiary of GenScript Biotech Corporation, offers end-to-end biologics and CGT CDMO services based on its extensive experiences in drug discovery, process development and GMP manufacture. Since its inception, GenScript ProBio has undertaken more than 80 CMC and CMO projects worldwide in the biologics CDMO field, and helped its clients obtain more than 20 global IND approvals. As one of the earliest players in the field of CGT CDMO, GenScript ProBio has participated in over 60 CMC projects worldwide and over 20 IND filings. With strong technical strength, solid performance and an experienced team, GenScript ProBio has become one of the most influential CDMO service providers.
Jafar Wang, Co-Chief Investment Officer of Legend Capital, said, “We are highly optimistic about the global competitiveness of Chinese CRO/CDMO players. Even in a complex international environment, China’s leading CRO/CDMO companies still have the opportunity to provide quality services to international customers and win significant market share. As an outstanding representative of China’s biologics and CGT CDMO players, GenScript ProBio has achieved rapid growth in the past three years and won the extensive trust of customers at home and abroad. Looking forward, GenScript ProBio’s technology accumulation, famous brand, global clientele, rich talent pool, comprehensive management system and strong financing ability will bring the company further to win stronger international influence. Legend Capital has more than 140 portfolios in the healthcare sector, and has established an ecosystem covering the whole value chain of biopharmaceutical industry, with plenty of cases and extensive experience in management best-practice sharing. We look forward to becoming a shareholder of ProBio who can create value, generate collaboration opportunities and growth together!”
Weihui Shao, the rotating CEO of GenScript Biotech Corporation, said, “GenScript ProBio has been growing rapidly, helping pharmaceutical and biotech companies around the globe to progress their pipelines, and attracting top-tier healthcare investors. Highly-efficient business planning and execution, comprehensive management system and solid talent base are the three driving forces for the sustainable growth of GenScript Biotech Corporation and GenScript ProBio. At the same time, given the increasingly strong innovation atmosphere in the biotech field, GenScript Biotech Corporation and GenScript ProBio will continue to stimulate innovation and create enterprise vitality. Through this round of financing, GenScript ProBio will be better positioned to participate in the commercialization process of global biologics and gene and cell therapy, and make a great contribution to the healthcare industry. GenScript Biotech Corporation will also adhere to the mission of ‘Make Human and Nature Healthier Through Biotechnology’, commit to promote business development, and contribute to the sustainable development of the healthcare industry and human society.”
Jiange Meng, Chairman of GenScript Biotech Corporation, said, “In the post-pandemic world where the investment environment is complex and volatile, we are glad to see that GenScript ProBio has attracted many top-tier investors. GenScript ProBio is a subsidiary newly incubated by GenScript Biotech Corporation. With the mission of ‘Innovation through Collaboration’, we have helped many biopharma and biotech companies to reduce R&D expenses and accelerate the product development processes. We will take this opportunity to further focus on the construction and optimization of the one-stop R&D and manufacture platform for biologics and gene and cell therapy, so as to make GenScript ProBio a stronger player in the new chapter of the industry.”
Hashtag: #LegendCapital #GenScriptProBio
The issuer is solely responsible for the content of this announcement.
About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.
It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.
Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.