Legend leads $150m Series E for China CRO ClinChoice
US and China-based clinical contract research organization (CRO) company ClinChoice has raised a USD 150m Series E round led by Legend Capital.
Other participating investors include Taikang Life Insurance, Sherpa Healthcare Partners, and existing backers Lilly Asia Ventures and Apricot Capital.
The company, previously known as Fountain Medical Development, received a USD 62m Series D led by Goldman Sachs in 2019. Lilly Asia Ventures also took part in the round. According to AVCJ Research’s records, it has also received backing from DFJ Dragon Fund and Tianjin Venture Capital. The first round came not long after Fountain Medical’s inception in 2007.
As a full-service clinical-stage CRO, ClinChoice provides integrated one-stop clinical development services to emerging biopharmaceutical, medical device and consumer health clients globally. It claims to have completed more than 1,000 full-service projects in phase-one through phase-four clinical trials and supported over 100 innovative drug registrations.
The company has over 3,000 employees and claims to cover the key drug development hotbeds in the US, China, Europe, and Southeast Asia. The Series E process will be used to drive business expansion, through organic and M&A channels.
CROs and CDMOs [contract development and manufacturing organizations] have served as the powerhouses for conducting clinical trials in China. As Chinese biotech companies become more global in their outlook, launching clinical trials in markets like Australia and North America, local CROs are following them.
Meanwhile, as investment in China biotech collapses amid failed IPO processes and disputed valuations, CROs and CDMOs are regarded as a relatively attractive safe haven. Their appeal is based on the assumption that revenue streams will remain stable regardless of how effectively a drug is developed and commercialised.
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