Chinese contract development and manufacturing organisation (CDMO) Canton Biologics has secured 300 million yuan ($41.3 million) in a Series C financing round led by SDIC Venture Capital, the investment management arm of China’s State Development & Investment Corporation (SDIC).
The round saw the participation of local investors including Guangdong Technology Financial Group, Taipu Life Science Investment, and Chnin Financial, according to a company release on September 13.
The proceeds will help the Guangzhou-headquartered firm to advance its R&D in novel biotechnologies, as well as commercial production and global expansion.
Founded in 2016, the firm serves as a CDMO in the large molecule drug substance market.
CantonBio Deutschland GmbH, the subsidiary of Canton Biologics, acquired Berlin-headquartered Glycotope GmbH in February 2022.
The spinout, which has since been named FyoniBio, will enable the firm to serve international clients in Europe and across the world.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from September 11–17, 2023.