(Yicai Global) May 10 -- Chinese anti-tumor drugmaker CStone Pharmaceuticals Co. successfully concluded its Series B financing of USD260 million, the largest such funding in the history of the Chinese biopharmaceutical industry. With the sums raised in its Series A in 2016, this round brings the overall capital it has now pooled to USD410 million.
Singaporean sovereign wealth fund GIC Private Ltd. led the investment, with participation from new investors Sequoia China and Yunfeng Capital, the latter formed by Jack Ma, founder of e-commerce heavyweight Alibaba Group Holding Ltd., QQ's finance website reported yesterday.
The money this round raised will mainly go to advancing clinical research of multiple products the company is cultivating, expanding the company's product line through independent research and development and external partnerships, and enticing top sector talent to supply high-quality, innovative anti-tumor drugs to Chinese patients.
CStone has created an array of more than ten products, including four undergoing clinical trials in China and abroad. It also built a translational medical research center at the end of last year in South-Central China where it is based to further raise the efficiency of its development.
Editor: Ben Armour