China CDMO group ZhenGe Biotech raises $100M in series C financing

ZhenGe Biotech, a Chinese CDMO and R&D group, reaped $100 million in a series C round of financing, bringing its total fundraising haul to $225 million to date.

ZhenGe, which offers end-to-end CDMO services that are focused on monoclonal and bispecific antibodies, antibody drug conjugates (ADCs), fusion proteins and vaccines, said it will use the proceeds to bolster its R&D operations and construct several 15,000 liter production lines.

The CDMO, which was founded in 2017, has operations in Shanghai and Maryland.

The series C round was led by Goldman Sachs Asset Management and Sofina. Other investors included Novo Holdings, Qiming Venture Capital, IDG Capital, LYFE Capital, Junxin Capital and Cowin Capital.

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The company boasts a 10,000-square-meter pilot production center near Shanghai, a GMP medium production line with an annual output of 200 tons of dry powder, and a commercial manufacturing base with three 2,000 liter and three 5,000 liter bioreactors that are under construction.