CBC, Mubadala lead $315m round for China's Hasten Biopharma
Specialist healthcare investor CBC Group and Mubadala Investment have led a USD 315m round for China-based Hasten Biopharmaceutic, with participation from other undisclosed institutional investors.
Shanghai-based Hasten was established in 2020 by CBC, Hefei Industry Investment Group, and the government of Feidong County within Hefei City. It focuses on innovative drugs that treat chronic diseases. Sales grew 47% year-on-year in the second half of 2022, according to a statement.
The new funding follows Hasten's acquisition of the exclusive mainland China rights to five cardiovascular and metabolism drugs from Takeda Pharmaceutical Company in March 2022. The capital will be used to fund future acquisitions as well as for the development of innovative pipeline assets.
“We are confident that the attractive entry valuation, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders," said Wei Fu, CEO of CBC.
"We look forward to deepening our relationship with Hasten and tapping the synergies between Hasten and our other portfolio companies to further strengthen our robust and world-class healthcare ecosystem."
Singapore-headquartered CBC claims to be Asia's largest healthcare-dedicated asset management firm, with assets under management of more than USD 7bn. In addition to private equity, it has healthcare infrastructure, royalty, and credit strategies.
CBC closed its latest flagship private equity fund on USD 1.67bn, doubling up from the previous vintage. It features a USD 300m allocation for a biotech incubation platform. Examples of CBC's approach to incubation include artificial intelligence-enabled drug discovery player Ensem Therapeutics.
Government-related investors in China are increasingly supportive of innovative drug development. Alebund Pharmaceuticals recently closed a CNY 200m pre-Series C round featuring Yangzhou Guojin Investment and Yangzhou Longchuan Holdings. Several independent VC firms also took part.
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