China-based life sciences product developer CapitalBio Technology has raised more than RMB800m ($113m) from investors including oil and gas supplier Sinopec and healthcare services provider Meinian Onehealth, DealStreetAsia reported yesterday.
Guangzhou Boyi Architectural Design Institute put up $57m to lead the round, which also featured New Alliance Capital, Red Horse Investments Group, Xin Dig Capital and Friend Capital, while Sinopec’s contribution came from investment vehicle Sinopec Capital.
Founded in 2012 as a subsidiary of medical technology producer CapitalBio Corporation, CapitalBio Technology provides products such as nucleic acid or gene mutation detection kits for use in drug development. It also offers biotech research services including genetic sequencing and profiling.
The company intends to float on Shanghai Stock Exchange’s Star Market, according to a statement cited by DealStreetAsia. It plans to use part of the funding to expand internationally, a move that will be bolstered by the recruitment of more sales staff.
Proceeds from the round will also be channelled into research and product development in addition to the expansion of CapitalBio’s production line, as it seeks to build up its product offering in areas such as reproductive health, infectious diseases and oncology.
