CITIC entities commit $94m to China's Simcere Diagnostics

Other investors include Yingke Private Equity, Hosencare Brothers - an investment arm of GP Capital - Shanghai Creation Investment, UMC Capital, Jolmo Capital, and Nanjing Innovation Capital Group. Existing backer Jiangsu Tenyall Investment re-upped, according to a statement from Taihe Capital, which advised on the deal.

Simcere Diagnostics provides more than 100 precision diagnostics products, covering oncology, neurology, infection, and pharmacogenomics. These include Onco500, China’s first pan-cancer diagnostic product in the field of next-generation sequencing (NGS), which recently entered clinical trials.

The company also supplies medical service systems and digital infrastructure to medical institutions and drug developers.

“Precision diagnosis is the prerequisite for precision treatment. In the future, large platform companies will emerge in precision diagnosis," said Hua Cai, general manager of CITIC Medical & Health Fund. Cai noted that Simcere Diagnostics is one of few players that can provide comprehensive solutions for precision medicine, integrating technology platforms such as NGS.

The company received Series A funding last October from Tenyall. Before that, it was supported by Huatai Health Fund, Hony Capital, and Nanjing Daoxing Investment Management Center.

Elsewhere in China's diagnostics space, WuXi Diagnostics, a joint venture established by Hong Kong-listed pharma outsourcing giant WuXi AppTec and US-based Mayo Clinic, completed a $150 million Series B funding round earlier this year. This followed a RMB1.5 billion Series C for 3D Diagnostic, a spinout from tumor immunotherapy specialist 3D Medicines. 

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• Topics
• Greater China
• Expansion
• Healthcare
• China
• CITIC Securities
• yingke
• GP Capital