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.