China-based biopharmaceutical company Waterstone Pharmaceuticals has secured around $61 million in its Series C funding round, the media reported.
The funding round for Waterstone was led by SDIC JULI Investment Management.
The China-based healthcare company revealed in a statement other investors such as Shanghai-based Panxi Captial Management; YuanBio Venture Capital and Yichang state-owned Investment Group participated in the round.
Zhang Faming, founder and chairman of Waterstone, in the statement, “In the past decade, Waterstone started from scratch in Wuhan and gradually built its core competitiveness in [the field of] metabolic diseases, especially in developing kidney-specific macromolecule drugs ranging from the R&D of intermediates to enabling mass production.”
“The proceeds from the investment will be used to increase the production of APIs of our major polymer drugs, and to speed up the global clinical development of innovative medicines.”
According to Waterstone, it is China’s largest supplier of intermediates used in the production of hyperkalemia and hyperphosphatemia drugs for multinational pharmaceutical firms.
Last week, another China-based clinical trial biopharmaceutical startup Adlai Nortye has secured around $100 mn in its Series C funding round.
The funding round was led by Hangzhou Tigermed Consulting and Shanghai-based asset manager Yingke PE.
Other investors that also participated in the funding round for Adlai Nortye include ATCG Holdings; ICBC Asset Management (Global) Company Limited, the overseas investment management arm of China’s ICBC Group; and several funds affiliated with Yingke PE.
During the same period, biopharmaceutical startup Sinovent also secured around $145 million in funding in it its Series C funding round. The funding round for Sinovent was led by Loyal Valley Innovation Capital.