China's Hepalink invests $60M with TPG Biotechnology fund

Biotech investment

China-based heparin maker Shenzhen Hepalink Pharmaceutical has added to its investment TPG Biotechnology Partners with a $60 million pledge for the V fund as it seeks wider business opportunities.

Shenzhen Hepalink had invested $22 million with TPG Biotechnology Partners for its IV fund, working with the U.S.-based private equity firm in a search for investments covering services, drugs and devices. The IV fund in raised $285 million, but the target for the V fund was not available.

Last year, Shenzhen Hepalink bought U.S.-based biologics contract manufacturer Cytovance Biologics for $205.7 million, one of several deals in North America in 2015 that included investment in Calgary-based Resverlogix (TSE: RVX) for a clinical stage cardiovascular candidate.

Earlier this year, the company created OncoVent with Canada’s OncoQuest--a Chinese R&D firm--to explore new therapies and work on existing immunotherapy products in a $9.3 million deal.

OncoQuest has licensed greater China manufacturing and marketing rights for its immunotherapy technologies to the joint venture--including rights for Hong Kong, Macau and Taiwan--with Hepalink putting up a majority of the cash.

The company, one of the largest raw heparin makers in China, said in a stock exchange statement the investment with TPG also represents an effort to put excess cash to work with about $160 million on hand from positive cash flow last year, according to Forbes.

The company's founders, husband-and-wife team Li Li and Li Tan, are each worth more than $1 billion, according to Forbes.

TPG is an active life sciences investor globally with its biotech division holding assets valued at $1.2 billion, according to its website.

- here's the release (Chinese language)
- here's the story from Forbes

Related Articles:
China's Shenzhen Hepalink keeps N. American deal stream rolling with Cytovance


Suggested Articles

Post-Tesaro buyout, don’t expect GlaxoSmithKline to spring for more commercial-stage oncology products anytime soon.

Already a fast-growing blockbuster, Novo Nordisk's injectable Ozempic won a major heart-helping FDA nod that could bode well for its oral sibling.

Bayer's new Vitrakvi for tumors with NTRK gene fusions is meeting skepticism in England and Germany, where cost watchdogs on Friday rejected it.