Novo Holdings Joins $290m Fundraising for Sangon Biotech

18 August 2023 | Friday | News

Novo Holdings, a leading international life science investor, announced it has participated in a $290 million (USD) strategic financing round of Sangon Biotech. Sangon is a leading provider of life science tools and services, enabling scientists across China to perform state-of-the-art research in hospitals, universities and commercial settings.
Image Source : Public Domain

Image Source : Public Domain

Based in China, and with close to 30 years in operation, Sangon Biotech is a leading provider of life science tools in China. The Company offers products and services within four main categories: 1) DNA synthesis, 2) R&D reagents and consumables, 3) genetic sequencing and 4) protein- and antibodies-related products, making the Company a one-stop provider of life science tools.

With 47 manufacturing facilities across China, and a customer base comprising more than 7,000 academic institutions and over 40,000 biotech/biopharma and IVD companies across the country, Sangon ranges as the number one provider of DNA synthesis in China. Overall, the Company is among the leading life science tool providers in China, where the life science tool market segment continues to grow by 15% annually, excluding the effects of COVID-19.

The strategic financing enables Sangon Biotech to continue to expand its service and product portfolio bandwidth, accelerate R&D activities and talent development and advance Sangon Biotech's go-to-market strategy that involves digitalisation and geographical expansion.

Tracey Wang, CEO of Sangon Biotech, said: "I am very pleased that the financing round attracted this many reputable institutional investors. As a pioneer in the life science tools industry in China for close to 30 years, Sangon Biotech is now enabled to continue to upgrade and build development capabilities, to optimise and expand production processes, and to invest in new technologies and products, in order to meet a diversified market demand. We look forward to working closely with Novo Holdings and our other investors to accelerate our business development in China and globally, with a mission to provide academia and industrial partners with the best tools to fight various diseases."

Dr Amit Kakar, Senior Partner and Head of Novo Holdings Asia, said : "Sangon Biotech holds a long-established leadership position in China's life science tool field. We are impressed by the Company's portfolio bandwidth, stellar reputation among customers and operating cadence. Our investment in Sangon Biotech is another important milestone in the development of our regional ambitions for Asia. The investment builds on Novo Holdings' strategy to identify and invest in life science and healthcare companies that are true leaders in their field. We are excited to work together with Sangon Biotech to accelerate its innovation pace and gain a stronger foothold in the global life science tool space."

Novo Holdings is participating in the strategic financing round together with a consortium of renowned investors, including GL Capital, CPE, Greenwoods Asset Management, Huagai Capital, CDB Venture, China Merchant Health and other smaller investors.

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