Shanghai OPM Biosciences, a China-based medical research services provider backed by insurance firm China Life, completed a series B round sized at almost RMB300m ($43.5m) yesterday.
CPE, an alternative asset management subsidiary of state-owned investment group Citic, led the round, which included private equity firm Co-Stone Asset Management and healthcare investment fund 3E Bioventures Capital.
Founded in 2013, OPM is a contract development and research organisation that helps pharmaceutical companies lower the cost of antibody drug development by allowing them to outsource part of the process.
China Life provided approximately $14.4m in funding for OPM in January this year through subsidiary China Life Private Equity, according to DealStreetAsia.
The company had previously pulled in $15.9m from investment bank China Renaissance’s Huaxing Healthcare Capital vehicle and venture capital firm VC Fortune Capital in April 2018.
