China-based medical research services provider Bellen has secured $38m in a series B round co-led by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, China Money Network reported on Friday.
Zhongjinqichen, a private equity fund managed by investment banking firm China International Capital, co-led the round, which included game developer Dianjing Shijie, Gefeiyueren and Dachen Chuanglian.
Bellen produces molecules and intermediates for the pharmaceutical and chemical industries, and also provides customer chemical synthesis and manufacturing services.
The round comes after Bellen raised an undisclosed amount in a series A round led by THG Ventures, the VC arm of Tsinghua Holdings, itself a subsidiary of Tsinghua University, in 2016.
The company has research hubs in Beijing and Shanghai, a production facility in Shandong province and offices in the US, Canada and France, but it plans to use the proceeds from the series B round to upscale its manufacturing capabilities, according to China Money Network.