GL joins $61m Series C for China’s Thousand Oaks
GL Ventures - a VC unit of Hillhouse Capital - and China State-Owned Capital Venture Investment Fund have led a RMB400 million ($61 million) Series C round for Thousand Oaks Biopharmaceuticals, a China-based contract development and manufacturing organization (CDMO).
CDH Investments, HighLight Capital, China-US Green Fund, and Sany Foundation also took part as new investors. Existing backers Goldstone Investment, CICC Capital, and a fund under Fosun Group all re-upped.
Thousand Oaks was founded in 2017 and raised initial funding the same year from Broadview Capital and Lanwan Capital. New Alliance Capital then led a $45 million Series A in 2019, which ws followed by a RMB450 million Series B - featuring CICC, GL, and CCB International - in 2020.
The company is headquartered in Shanghai and has a branch office in California. It has also built a large-scale cell culture media production line in Gansu province. Cell culture media are the components used to grow cells under controlled conditions.
Thousand Oaks claims to support global biopharmaceutical players through every phase of drug development, from cell line culturing to clinical research to regulatory approvals.
The new capital will support the company's CDMO operation and its culture media business. Thousand Oaks claims to be the largest supplier of mammalian cell culture media in China. It is also the first domestic producer of serum-free culture media - cell culture processes typically use animal blood serums - thereby easing China's reliance on imports.
CEC Capital serves as the exclusive financial advisor for Thousand Oaks' Series C round.
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