Goldman commits $20m in China biotech firm
Goldman Sachs has committed $20 million in a Series B round of funding to Ascletis, a Hangzhou-based biotechnology company.
Ascletis develops new treatments for infectious diseases and cancer based on the hepatitis C Virus (HCV). The company currently has four products that are in the clinical phase with proprietary intellectual property rights. One is undergoing a phase two clinical study in Taiwan and another has received overall approval from the China Food and Drug Administration for clinical trials.
"2015 is an important year in the history of Ascletis, as we continue to deliver results in the HCV field, and move forward with the construction of our manufacturing facility," said Jinzi Wu, founder and CEO of Ascletis, in a statement.
The firm received $35 million in its Series A round led by C-Bridge Capital, Tasly Pharmaceutical and Singapore's Pavilion Capital in September.
The proceeds from the latest round will be used to strengthen the company's R&D capacity and broaden the scope of research pipeline.
"The company is well-positioned to become an important player in the HCV market and other key drug categories in China. We look forward to working closely with the talented team at Ascletis, and contributing to the success of the business," said Stephanie Hui, managing director and head of Goldman's merchant banking division for Asia Pacific.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.