China-based third-party drug development company Thousand Oaks Biopharmaceuticals closed a $45m series A round featuring pharmaceutical product manufacturer Jilin Aodong Medicin yesterday.
The round was led by investment firm New Alliance Capital and included private equity firm Addor Capital, Tenyall & Sumin, Broadhi Capital, QianRong and Bluebay Capital.
Founded in 2017, Thousand Oaks conducts third-party research, testing and manufacturing on behalf of drug developers, renting out manufacturing facilities and supplying raw materials, equipment, technical and consultation services.
In addition to expanding its chemistry, manufacturing and controls (CMC) services, a portion of the funding will be used to build a new cell cultural production facility in China.
The company had raised an undisclosed amount of funding in 2017 from Blue Bay Equity Funds, according to China Money Network. It has not disclosed details of any earlier funding but identified New Alliance Capital as an existing investor.
Thousand Oaks chairman Shun Luo said: “This round of financing allows us to expand our integrated CMC services and to increase current media production capacity by building the world’s largest cell culture medium manufacturing facility.
“We are very excited about this opportunity to further enhance our capabilities in the CMC value chain including cell line development, process and bioanalytical development, and customised cell culture media development, so as to establish an integrated platform from DNA to clinical material supplies and successful regulatory filings, leading towards commercial manufacturing.”
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