China's Kemei Biotechnology raises $294m round
Legend Capital and Huaxing Healthcare Fund – a private equity arm of financial advisor China Renaissance – have led a RMB2 billion ($294 million) investment in Beijing Kemei Biotechnology, a Chinese in vitro diagnostics business.
The transaction, described as an equity restructuring round, is said to be one of the largest-ever investments in this industry segment. Legend alone contributed $100 million, while Huaxing invested a similar amount from its dedicated healthcare fund.
Additional capital commitments came from Ping An Ventures, HighLight Capital, Matrix Partners China, a healthcare fund managed by China International Capital Corporation (CICC), and FTZ Fund, a government-backed vehicle with ties to the Shanghai Free Trade Zone.
Kemei is said to be the leading domestic exponent of chemiluminescence detection (LiCA), whereby a chemical reaction with a substance results in the release of energy in the form of light, which can be captured on X-ray film. Having previously specialized in infectious diseases, the company made acquisitions that have added coverage of cancer and thyroid disease.
“The company has a clear strategy and strong execution, and always puts technological innovation and product quality to the fore,” said Hongbin Zhou, a managing director at Legend, in a statement. “Kemei's fourth-generation chemiluminescence LiCA technology platform is now on the market. The company has an additional competitive edge with its international team, led by CEO Li Lin and CTO Zhao Weiguo."
China Renaissance served as exclusive financial advisor on the deal.
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