BioBay, an industrialisation services provider that forms part of Suzhou Industrial Park, has co-led a $38m series A round for China-based contract pharmaceutical services startup CMab Biopharm today.
Private equity firm C-Bridge Capital co-led the round with BioBay, investing together with I-Bridge Capital and Qianhai Fund of Funds.
CMab, which is based in BioBay, provides preclinical and early-stage clinical development and manufacturing services such as cell line development for biopharmaceutical researchers.
The company’s work ensures their client’s drug research and manufcaturing practices meet domestic and international regulatory standards. The funding will partly be used to expand its headcount from 65 to about 180 over the next year.