LePure Biotech closes Series C financing

LePure Biotech Co Ltd, a leading Chinese bioprocessing company, announced on Thursday the completion of Series C financing co-led by Novo Holdings, General Atlantic and Goldman Sachs Asset Management. Other investors participating in this round include Highlight Capital, Bayland Capital and HM Capital.

The investments are expected to be used to build up the company's overseas manufacturing capabilities and marketing channels, strengthen research and development capabilities, and fund future mergers and acquisitions.

The financing event also marked the first direct equity investment in China by Novo Holdings in the bioprocessing sector. Sean He, partner and head of Novo Holdings China, said that he is excited to work closely with LePure Biotech, making it one of Novo Holdings' flagship achievements in China.

In an interview with China Daily, Wang Feng, co-founder and CEO of LePure Biotech, said that Chinese local bioprocessing companies are rapidly increasing their R&D and manufacturing capabilities.

Fast turn-a-rounds, stable supply chains, customer-tailored production and competitive pricings are the key competitive advantages of domestic players, he said. Wang claimed that the lead time of his company is, on average, two to three weeks - much faster than that of global companies. In terms of pricing, domestic products are on average 30 to 50 percent lower than their global counterparts, he said.

LePure Biotech has already set up overseas sites and research facilities, including a research and development center in Boston, United States. It has also been selling products to Southeast Asian and American markets.

Amit Kakar, senior partner and head of Novo Holdings Asia, said China is expected to continue to play a significant role in the global supply chain of biomedical and pharmaceutical products. China is also expected to continue to move up on the technology and quality front, therefore domestic players such as LePure Biotech will play a pivotal role in both the innovation and supply chain in China and then globally. Kakar also believes strategic M&As as well as continuous innovation are important in driving LePure Biotech's future growth. 

liuzhihua@chinadaily.com.cn