China’s ABclonal Technology raises $189m
Chinese life science research and diagnostic reagents provider ABclonal Technology has raised a RMB1.2 billion ($189 million) Series D round featuring Sequoia Capital China.
Sequoia China co-led the round alongside CMB International and Lucion Venture Capital. They were supported Loyal Valley Capital and Taikang Asset Management. Sequoia China co-led a RMB600 million Series C last with Lyfe Capital.
Founded in 2011, ABclonal operates a research and diagnostic reagents manufacturing facility in Wuhan. Direct sales cover China, the US, Europe, Japan, Singapore, Taiwan and South Korea. Almost 50% of revenue is generated overseas.
The company describes innovation in reagents and raw materials as the foundation for technological breakthroughs in the life science industry. The global market size for reagents research has exceeded $100 billion, according to a statement.
Recent expansions include the acquisition this year of US-based Yurogen, a contract research organization (CRO) focused on single-cell-based monoclonal antibody development. ABclonal now provides reagents for three major areas: biology research, in vitro diagnostics, and drug research and development.
Other private equity-backed players in this space include Wuhan-based Hzymes Biotechnology, a specialized enzymes developer that raised RMB800 million in Series C funding last month led by healthcare specialist GL Capital.
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