China-based clinical research provider dMed Biopharmaceutical recently closed a $50m series B round featuring Lilly Asia Ventures, an investment vehicle overseen by pharmaceutical firm Eli Lilly, it announced on Wednesday.
Healthcare investment firm Vivo Capital led the round, which included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, and fellow VC firm Qiming Venture Partners.
Founded in 2016, dMed is a contract research organisation (CRO) that performs a range of services covering areas like pharmacology, clinical work, data management, quality assurance, consulting, biostatistics and programming on behalf of drug and medical device developers.
The series B funding will help the company improve its IT capabilities and expand its services internationally. It acquired US-based CRO and clinical software provider Target Health in June this year.
Lingshi Tan, dMed’s founder and CEO, said: “We have delivered high-quality clinical trial services for over 200 projects, working with 80 innovative Chinese and global pharma companies since the company was set up, demonstrating the next-generation CRO at global capacity and standards.
“After this round of financing, dMed will be able to serve more Chinese and global innovative pharma companies to help them effectively raise efficiency in clinical R&D, scientifically shorten research cycles and boost success rates.”
Qiming Venture Partners led the company’s pre-series A round, before it secured $8m in a 2016 series A round it said this week was co-led by Lilly Asia Ventures and Qiming. At the time its participants were said to include Eli Lilly partner Zai Lab and Tairui Investment.
