GIC leads $260m round for China’s CStone Pharma
Singapore’s GIC Private has led a $260 million Series B investment in China’s CStone Pharmaceuticals. The round, completed within two months, is said to be the largest biopharma Series B in the country to date.
New investors included Sequoia Capital China, Yunfeng Capital, CITIC Private Equity, Arch Venture Partners, Hillhouse Capital, King Star Capital, 3W Partners, Terra Mafnum Capital Partners, Taikang Insurance Group, and AVICT Global Holdings.
A number of existing investors participated as well, among them Oriza Seed Venture Capital, Boyu Capital, and 6 Dimensions Capital. The latter firm was formed through the merger of WuXi Healthcare Ventures and Frontline Bioventures. Oriza, Boyu, and WuXi backed a $150 million Series A for the company in 2016.
The fresh capital will be used primarily to support development of clinical-stage assets, including a cancer treatment product that has received trialing approval from the China Food & Drug Administration. It will also go towards expanding the company's pipeline through internal R&D and external partnerships.
“CStone is one of China's most innovative pharmaceutical companies, with a strong pipeline, a world-class management team and a team of clinical developers with international caliber,” Choo Yong Cheen, CIO for private equity at GIC, said in a statement. “We are confident in the long-term growth potential of China's biopharmaceutical industry and CStone's leading position in the field of immuno-oncology."
Founded in 2016, CStone focuses on the development of innovative drugs and combination therapies in immuno-oncology and claims a portfolio of more than 10 assets, including four in various clinical stages. Last year, the company launched a research facility in Suzhou to support these efforts.
GIC, 6 Dimensions, and AVICT were active in the Chinese biotech space as recently as late March with participation in a $117.4 million round for Hua Medicine.
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