VC-backed Berry Genomics to list in Shenzhen via reverse merger

According to a fling, Chengdu Tianxing Instrument & Meter, a publicly-traded shell company, will acquire 100% of Berry Genomics through an asset exchange and a share issue. The valuation of the deal was not disclosed.

Chengdu Tinxing manufactures and sells meters for automobiles and motorcycles. Its revenue fell 16% to RMB230 million ($34 million) last year. The company also made a net loss of RMB13 million, compared to a net profit of RMB7 million in 2014.

Founded in 2010, Berry Genomics uses DNA sequencing technology and genetic testing tools to complete non-invasive prenatal testing for the diagnosis of genetic diseases and cancer. The company has testing centers in Beijing, Shanghai, Qingdao and Hangzhou, partnering with more than 2,000 hospitals.

The company received an undisclosed Series A round from Legend Capital in 2011. Two years later, it raised a $25 million Series B led by Qiming.

Qiming closed its fifth US dollar-denominated China VC fund at $648 million earlier this year. It subsequently raised a renminbi-denominated fund of RMB1.5 billion ($225 million).

 

 

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• Topics
• Greater China
• IPO
• Healthcare
• Venture
• Technology
• China
• Qiming Venture Partners
• Legend Capital
• Exit