20 April 2023 | Thursday | News
Image Source : Public Domain
CBC Group ("CBC"), Asia's largest healthcare-dedicated investment firm headquartered in Singapore, and Hasten Biopharmaceutic Company Limited ("Hasten"), today jointly announced the completion of a US$315 million fundraising round for Hasten. Hasten is an innovation-driven pharmaceutical company backed by CBC, Hefei Industry Investment Group, and Feidong County of Hefei City.
The fundraising round was co-led by CBC and Abu Dhabi sovereign wealth fund, Mubadala Investment Company, with participation from other institutional investors. Proceeds will be used to fund future acquisitions and business development of innovative pipeline assets.
Fu Wei, Chief Executive Officer of CBC, said, "Hasten is a well-established Chinese biopharma company with tremendous growth potential. The firm reported 47% growth in sales from Q2 to Q4 in 2022, which is testament to CBC's unique and effective investor-operator strategy. We are confident that the attractive entry valuation, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders."
"We look forward to deepening our relationship with Hasten and tapping the synergies between Hasten and our other portfolio companies to further strengthen our robust and world-class healthcare ecosystem", he added.
Mohamed Albadr, Head of Mubadala's China office, added, "We are excited to partner with CBC and Hasten to build a leading biopharma platform focused on providing high quality, reputable and accessible healthcare products to critical care patients in China."
Summer Xia, Chief Executive Officer of Hasten, commented, "The proceeds raised will catalyse our growth and expansion plans to become China's leading healthcare company in chronic and age-related diseases, and acute and severe diseases, and realise our vision of providing patients with advanced treatments to improve their life quality. Through organic growth and future acquisitions, we aim to continue creating significant commercial synergies with our existing portfolios and bring more valuable healthcare solutions to the majority of patients, as well as create a health management ecosystem in China."
This latest round of fundraising follows Hasten's acquisition of the Chinese-mainland exclusive rights for five cardiovascular and metabolism drugs from Takeda Pharmaceutical Company Limited in March 2022. Meanwhile, Hasten has been building a robust innovative late-stage business development pipeline, creating synergies with its current commercial platform to further support the company's growth.