China-based drug development services provider Thousand Oaks Biopharmaceuticals has raised over RMB400m ($61.4m) in a series C round featuring heavy equipment manufacturer Sany Group and conglomerate Fosun, DealStreetAsia reported yesterday.
GL Ventures, the venture capital arm of hedge fund manager Hillhouse Capital, co-led the round, with Chinese state-owned investment vehicle, Capital Venture Investment Fund. Sany participated through private equity arm Sany Foundation while Fosun invested through a sub-fund.
The round was also backed by CDH Investments and US-China Green Fund as well as CICC Capital, a subsidiary of investment bank China International Capital Corporation, and Goldstone Investment, a vehicle for investment bank Citic Securities.
Thousand Oaks provides research, development and manufacturing services for biopharmaceutical companies, including DNA sequencing, cell culture medium production, the provision of clinical material supplies and management of regulatory filings.
The company raised $64m in a July 2020 series B round co-led by CICC Capital sub-fund CICC Jiatai and Goldstone Investment. Financial services firm China Construction Bank’s CCB International and GL Ventures also backed that round.
Existing investor New Alliance Capital led a $45m series A round for Thousand Oaks in early 2019 that included pharmaceutical product maker Jilin Aodong Medicin, Addor Capital, Tenyall & Sumin, Broadhi Capital, QianRong and Bluebay Capital. It followed an undisclosed amount from Blue Bay Equity Funds in 2017.