Wednesday, Jan 26, 2022
International Finance
Healthcare

China-based biopharmaceutical startup Sinovent raises $145 mn funding

Sinovent funding_IFM_Image
The funding round was led by Loyal Valley Innovation Capital

China-based biopharmaceutical startup Sinovent has secured around $145 million in funding in it its Series C funding round, the media reported.

The funding round for Sinovent was led by Loyal Valley Innovation Capital.

Other investors that also participated in the funding round include Hong Kong-based investment manager Oceanpine Capital, CICC Qide Innovation Biopharmaceutical Equity Investment Fund and China’s Jiuyo Capital.

Sinovent is engaged in the technical development, consulting and services of biological medicines covering therapeutic areas like oncology, autoimmunity, infectious diseases and others.

Sinovent currently operates in Suzhou, Beijing, Shanghai, Boston in US and Sydney in Australia.

Reportedly, the startup will use the funds to carry out clinical trials of its new products, as well as the pre-clinical studies of earlier-stage products. It will also use the funds for the development of a new production unit for its medicines.

Sinovent was founded in 2016 and based in Suzhou City, China.

Last month, China-based  Thousand Oaks Biopharmaceuticals secured around $64 million in its Series B funding round.

The funding round for Thousand Oaks was led by CICC Capital’s sub-fund CICC Jiatai and CITIC Securities’ private equity arm Goldstone Investment Limited.

Other investors that participated in the funding round include China Construction Bank’s investment vehicle CCB International, Wens Investment and Shanghai Huaxu Investment.

Shun Luo, chief executive officer at Thousand Oaks told the media, “This round of financing allows us to expand our integrated CMC services and to increase current media production capacity by building the world’s largest cell culture medium manufacturing facility.”

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