China-based drug developer Suzhou Ribo Life Science has raised RMB270m ($39m) in a series B round that included Legend Capital, a subsidiary of conglomerate Legend Holdings, China Money Network reported on Friday.
Private equity fund manager SDIC Fund Management led the round through an industrial investment fund subsidiary, while diversified holding company China Resources, venture capital firm GGV Capital and undisclosed renminbi-denominated funds also took part.
Ribo is working on RNA treatments for conditions such as hepatitis B, hyperlipidaemia and liver cancer, and has formed a joint development venture with RNA interference-based pharmaceutical company Quark Pharmaceuticals called Kunshan RiboQuark Pharmaceutical Science and Technology.
Legend Capital had previously invested in an $18m round for Ribo that included another Legend Holdings corporate venturing fund, Legend Star, and GGV Capital.