Ascendent backs China cancer diagnostics firm
Ascendent Capital Partners has committed RMB50 million ($7.36 million) to BioChain Beijing, a Chinese biotech company that focuses on early detection of cancer.
BioChain, which was founded in 1994, is a subsidiary of Team Curis Group. The group develops new technology and treatments that focus on cancer, with laboratories in California and China. BioChain Beijing operates a 400,000-square-foot clinical diagnostics facility in the Beijing Economy & Technology Development Zone.
The round comes after China Everbright's RMB150 million investment in BioChain through its Medical & Healthcare Fund late last year. The fresh capital will be used to develop innovative methods for early detection and intervention of cancer.
"BioChain Beijing is already one of the leaders in molecular diagnostics and a pioneer in transforming cancer treatment through early diagnosis and intervention. Together with China Everbright Group, we are delighted to partner with BioChain Beijing to help the company further accelerate growth," Leon Meng, Ascendent's co-founding partner, said in a statement.
Ascendent closed its second China fund at the hard cap of $600 million in July of last year. The firm brings what has been described as a merchant banking-style approach to private equity, providing companies with capital in conjunction with advice and solutions.
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