China-based contract research organisation (CRO) Fountain Medical Development revealed on Friday it has secured $62m in series D funding from investors including Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly.
Investment bank Goldman Sachs led the series D round, and the company confirmed Lilly Asia Ventures is an existing investor, as is DraperDragon, the subsidiary of venture capital firm DFJ formerly known as DFJ Dragon Fund. It has not revealed details of past funding.
Founded in 2007, Fountain provides contract research services for biopharmaceutical firms, medical device manufacturers and consumer health companies, specialising in clinical development, biostatistics and regulation services.
The company also offers pharmacovigilance: the monitoring of drugs following market release to detect side effects that did not appear during clinical testing. It has more than 1,700 staff situated in China, the US, Europe, Japan, India and the Philippines.
The funding will enable Fountain to grow and improve its services for existing clients and cope with demands of China-based drug developers that want to expand internationally as well as international clients that want to enter the country.
Goldman Sachs will collaborate with the company on strengthening its business, recruiting staff and developing strategic initiatives.
Stephanie Hui, co-head of principal investment for Goldman Sachs in Asia Pacific, said: “We are positive on the growth outlook of the CRO industry, especially in China. As a leading CRO in China, Fountain Medical has built an excellent platform combining international expertise with local access.
“The company has a global team with diverse background and deep know-how across key functional areas, making it a one-stop shop for clients. Going forward, we will work closely with the management team to improve its existing business, attract more industry talent and launch new strategic initiatives.”
