CF PharmTech, a China-based drug developer backed by biotechnology firm Shuanglu Pharma, collected $65m in a series D round on Sunday from a consortium led by the Future Industry Investment Fund.
Remaining investors reportedly included CCB International, a subsidiary of financial services firm China Construction Bank, Yuanming Capital, Longmen Capital and Hengyutianze, though the press release only referred to unnamed “healthcare investment groups”.
The Future Industry Investment Fund is managed by China state-owned investment holding firm State Development & Investment Corporation’s private equity arm SDIC Fund Management.
Founded in 2007, CF PharmTech is working on treatments for respiratory diseases, developing a metred dose inhaler, inhalation powder, nasal spray and blow-fill-seal products.
The money will help the company accelerate the development of its product pipeline to gain regulatory approval in China and the US. The company also hopes to expand its contract manufacturing services to international clients.
CF PharmTech previously obtained undisclosed sums from investors including Shuanglu Pharma, China Galaxy Management, Cowin Capital and SZVC UOB Venture Management, according to China Money Network, though details could not be ascertained.