Norvast Holdings, a China-based pharmaceutical company backed by state-owned conglomerate Xiamen C&D, has raised RMB400m ($62.2m) in a round led by healthcare investment firm Highlight Capital, DealStreetAsia has reported.
Private equity firm Shenzhen Shiyu Investment Management also took part in the round. Norvast raised approximately $140m in May 2020 from Xiamen C&D and Legend Capital, a venture capital firm spun off by conglomerate Legend Holdings, as well as Shiyu Capital, Highlight Capital and undisclosed others.
Founded in 2005, Norvast is developing and commercialising generic drugs with a specific focus on drug delivery systems and sustained-release drug preparations, which release drugs into the body at a sustained rate for a limited period of time.
The company has developed more than 180 novel and generic drug preparations, of which 40 have secured approval for sale in the United States.
Norvast will use the new funding to optimise its shareholder structure and corporate governance structure ahead of a planned public listing on a Chinese stock exchange.