C-Bridge backs China pharma merger

The two companies are Shanghai-based Third Venture Biopharma (known as Tianjing Biopharma in Chinese) and Tianjin-based Tianshizhen Biotechnology. Under the agreement, Tasly will invest $38.25 million in the merged entity, while C-Bridge will commit $111.75 million through C-Bridge Healthcare Fund II.

Third Venture Biopharma was founded by Jingwu Zang, formerly China head of R&D at GlaxoSmithKline (GSK), with contract research organization Hangzhou Tigermed Consulting and precision medical care company Bioscikin. It develops cancer drugs. The company previously raised a Series A round from I-Bridge Capital, an affiliate of C-Bridge Capital that focuses on incubation and early-stage investments.

Tianshizhen Biotechnology, which develops drugs used to treat diabetes, cancer and autoimmune diseases, was established and funded by Tasly, I-Bridge and South Korean biotech company Genexine. Each party invested $15 million for a 33% stake.  

The combined entity will have a pipeline of 12 antibody drug candidates. It will use the new funding for R&D, drug development, clinical trials and international expansion.

C-Bridge concentrates on late-stage growth capital and buyout opportunities. It closed its debut China healthcare fund at $200 million in November 2014. A second fund is currently being raised; the most recent filing indicates $305 million has been committed so far. Two months ago, C-Bridge led a $100 million Series B round for biotechnology Ascletis alongside existing backer Goldman Sachs and a number of its LPs.

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• Topics
• Greater China
• Healthcare
• Expansion
• China
• M&A
• C-Bridge Capital
• Growth capital