Pharmaron, a China-based service company for drug developers backed by computer group Lenovo’s corporate venturing unit, has raised $40m in its series C round.
Lenovo’s Legend Capital and venture capital firm DCM reinvested in a consortium alongside GL Capital Group.
Jeffrey Li, founding partner of GL and former chief executive of drugs maker Novartis’ China subsidiary, said: "Our strategic investment will boost Pharmaron’s service capability and capacity to serve the pharmaceutical and biotech industry better."
Last month, Pharmaron bought Bridge Laboratories China, another contract research organisation (CRO).
The worldwide market for CRO services is estimated to reach $27bn this year with a 15% growth rate, according to a report by consultancy firm Frost & Sullivan.
Pharmaron was started in 2003 and raised an undisclosed A round in 2007.