China’s CICC raises $650m for biomedical fund

The vehicle - CICC Qide Innovative Biomedical Equity Investment Fund - was launched in November 2019. Three months later, it registered via the Asset Management Association of China’s “green channel” for expedited approval. A first close of RMB1.6 billion was achieved later in February. 

The second close was oversubscribed and featured commitments from sovereign funds, financial institutions, domestic and international corporates - including pharmaceutical companies - and ultra-high net worth clients of CICC Wealth Management.

“In the past year, the global pandemic has catalyzed the exponential development of the healthcare industry. Vaccines, innovative medicines, and internet-based medical treatment are now a focus for the capital markets, having attracted science and technological innovation, consumer demand, and favorable policies,” CICC Capital said in a statement.

CICC Qide will collaborate with other branches of China International Capital Corporation, its parent group, including the investment banking and research arms. This multi-sectoral model is intended to help drive rapid growth in portfolio companies by combining expertise from different fields with other financial and industrial resources.

The investment team comprises two senior financial professionals with more than 25 years of experience and seven experts in biology, chemistry, pharmacy, and clinical medicine.

The fund has already invested in more than 20 companies. It co-led a Series D round of RMB300 million for US-headquartered genomic drug developer Denovo Biopharma and participated in a RMB1 billion Series C for Sinovent. Another portfolio company, oncology therapy developer Jacabio Pharma, listed in Hong Kong in December, seven months after CICC Qide’s investment.

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• Topics
• Greater China
• Healthcare
• Fundraising
• Growth
• China
• Pharmaceuticals
• CICC