China’s VectorBuilder becomes unicorn, files for Shanghai IPO
China-based gene delivery technology player VectorBuilder has topped up its Series C round - achieving unicorn status in the process - and filed for an IPO on Shanghai’s Star Market.
The size of the latest round was not disclosed. The company closed its Series C on CNY 410m (USD 57m) last November, with Legend Capital and state-owned investors Guangzhou Suikai Equity Investment and Yuexiu Industry Fund in the lead roles.
Other investors include C&D Emerging Industry Equity Investment, Wanlian Securities, Guangzhou Industrial Investment, Capital Operation Holding, and Jingtingshan Venture Capital.
VectorBuilder filed for its IPO earlier this month with plans to raise up to CNY 1.3bn. The company recorded revenue of CNY 280m last year, up from CNY 164m for the prior 12 months. Over the same period, net losses widened from CNY 28.9m to CNY 50.7m.
The Series C has supported the construction of a research and manufacturing campus in Guangzhou, which has roughly 1.1m square feet of floor space. The facility will have 30 manufacturing suites for various molecules and genetic materials, including viral and non-viral vectors, according to a statement.
VectorBuilder was founded in 2014 by Chinese-born American geneticist Bruce Lahn, a professor at the University of Chicago. Lahn is also the founder of the centre for stem cell biology and tissue engineering at Sun Yat-sen University in Guangzhou.
The company has over 600 employees globally, with North America, Europe, and Australia representing nearly 70% of business activity. Its core asset is described as a smart online vector design platform combined with an offline high-throughput smart production management platform. This is said to significantly reduce the cost of R&D cycles faced by drug developers.
Gene delivery is a critical step in gene-drug development. It enables precise manipulation of genetic information in cells and organisms and offers the ability to correct genetic disorders and develop personalized medicine.
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