Shenzhen Hepalink commits $60m to TPG biotech fund
Chinese drug maker Shenzhen Hepalink Pharmaceutical has agreed to commit $60 million to TPG Capital’s latest biotech fund.
Shenzhen-listed Hepalink said in a regulatory filing that TPG Biotechnology Partners V mainly targets biomedical technology and life science-related companies, operating in the areas of therapeutics, medical devices and healthcare services.
The Chinese player hopes the investment in the fund will allow it to better utilize capital and identity new business opportunities. Hepalink committed $22 million to TPG's last biotech fund - TPG Biotechnology Partners IV - in 2014.
Established in 1998, Hepalink produces active pharmaceutical ingredients for the likes of Sanofi-Aventis, Fresenius-Kabi, and Novartis. The company went public in 2010, immediately generating a 235x paper gain for its PE backer Goldman Sachs, which invested $4.9 million three years earlier.
Hepalink's revenue came to RMB2.30 billion ($350 million) last year, up from RMB1.96 billion in 2014, while net profit reached RMB542 million, up from RMB331 million.
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