Haoyang Biologics Secures Nearly RMB 250 Million in Series B Funding to Advance CDMO Capabilities
VCBeat has learned that Healsun Biopharm, a CDMO specializing in biological drugs, has completed its Series B financing round, with the transaction amount nearing RMB 250 million. The round was led by the Shanghai Bio-Medicine Fund, with participation from Oriental Jiafu, Haitong Kaiyuan, Xinghua Dingli, existing shareholder Haibang Investment, and Ginkgo Valley, among others. Chana Capital served as the exclusive financial advisor. The proceeds from this financing will be primarily used to strengthen the personnel team, construct a 2,000L production line, and address CMC challenges related to exosomes, mRNA, and AAV.
Healsun Biopharm, established in 2015, specializes in providing one-stop, multi-platform R&D services to biotechnology and pharmaceutical companies both in China and abroad. These services include early-stage developability assessment of monoclonal antibodies (mAbs), bispecific antibodies (BsAbs), and antibody-drug conjugates (ADCs); stable cell line development; process development; pilot-scale manufacturing; IND filing and clinical sample production; and customized culture media development.
Healsun Biopharm has established R&D centers and production bases in both Hangzhou and Shanghai. Leveraging diverse analytical methods and a transient expression platform, the Shanghai R&D Center provides customers with multidimensional molecular design and evaluation services, ranging from humanization design and activity analysis to developability assessment. The Hangzhou headquarters features its independently developed Haoyue platform—a high-expression stable cell line platform available for commercial licensing—as well as a process development platform. It is equipped with comprehensive GMP production lines for drug substance and drug product at 250L and 500L scales, enabling sample delivery from DNA to toxicology batches within approximately eight months and completion of IND filing preparations within 12–15 months. Meanwhile, the company plans to construct six 2,000L commercial-scale production lines, which are expected to become operational sequentially by the end of 2024.
In early last year, the recombinant GLP-1 receptor agonist injection project, for which Hangzhou Healsun Biopharm Co., Ltd. was entrusted with full development responsibility, received implicit approval for clinical trials from the National Medical Products Administration (NMPA), becoming the first dulaglutide biosimilar in China to obtain clinical trial approval. Since the beginning of this year, Healsun Biopharm has completed six Investigational New Drug (IND) applications in China, the United States, and Australia.
Since its establishment, Healsun Biopharm has successively received honors and certifications such as “National High-Tech Enterprise,” member of Hangzhou’s “Eagle Plan,” “Zhejiang Provincial Enterprise R&D Center,” “Top 20 CDMO Companies in China (2020),” and “Hangzhou Quasi-Unicorn Enterprise (2021).”
Li Haoqiang, Co-founder and Chairman of Healsun BiopharmThe company stated: “We have consistently focused on technological innovation and development, continuously enhancing our CDMO service capabilities. Over the past few years, we have earned significant customer recognition and acclaim in the biologics CDMO sector. Following the commissioning of multiple 500L production lines in 2021, we commenced construction in June this year of a 2,000L bulk drug substance and formulation filling line, while also expanding our process development laboratory and ADC conjugation pilot-scale workshop. These enhancements enable us to provide more comprehensive, high-level services to our clients. Hangzhou Healsun Biopharm will always prioritize customers, remain a pure-play CDMO enterprise, support client growth, and progress alongside our partners.”
Dr. Liang Weibin, Partner at Shanghai Biomedical Fund“It is stated that, with the rapid development of China’s biomacromolecule pharmaceutical industry, spending on new drug R&D will continue to grow rapidly, and CDMO services play an irreplaceable role in advancing pharmaceutical companies’ product pipelines. Outsourced R&D services that offer better cost-effectiveness, faster delivery, and consistently high quality will be increasingly favored by innovative drug developers. Hangzhou Healsun Biopharm Co., Ltd. possesses unique technological advantages, with its cell line development capabilities ranking among the industry leaders. The company’s solid service reputation has already helped it accumulate a portfolio of high-quality biopharmaceutical clients. As the company further enhances and refines its service capabilities, we believe Hangzhou Healsun Biopharm is poised to rise to the forefront of the biologics CDMO market by leveraging its differentiated advantages.”
Xu Xiao, Founding Partner of Oriental Fortune Capital“It has been noted that in recent years, biological innovative drugs have continued to achieve breakthroughs in R&D and clinical application, ushering the industry into a new stage of development. Meanwhile, driven by steady improvements in scientific research and manufacturing capabilities, coupled with the talent and cost advantages derived from the ‘engineer dividend,’ China’s biopharmaceutical CDMO service industry has experienced rapid growth. The core team of Hangzhou Healsun Biopharm Co., Ltd. possesses solid technical expertise and extensive industry experience, having established significant competitive advantages and a strong industry reputation, while securing continuous orders from multiple renowned clients. We are optimistic about the company’s future development as it further expands production capacity and innovates its technologies, thereby empowering more clients in their new drug R&D efforts.”
Mr. Zhang Xiangyang, Chairman of Haitong Kaiyuan“Biopharmaceuticals is one of the key sectors for Haitong Equity Investment. China’s healthcare industry is undergoing a period of historic transformation. We maintain a long-term bullish outlook on this major sector. We also believe that companies with technological leadership will stand out during this industry transformation and grow into biopharmaceutical enterprises with international competitiveness. We are impressed by Healsun Biopharm’s team, which demonstrates deep technical expertise, a commitment to innovation, and an entrepreneurial spirit that keeps pace with the times. We hope they will remain R&D-driven, continuously break through new technologies in the field of biopharmaceuticals, and rapidly grow into a large-molecule CDMO company with international competitiveness.”
Shanghai Biopharmaceutical Fund is a municipal-level industrial fund approved by the Shanghai Municipal People’s Government, with a total target assets under management of RMB 50 billion. Initiated and established by Shanghai Industrial Holdings (Group) Co., Ltd., the fund will leverage Shanghai’s comprehensive advantages in biopharmaceutical development and rely on industrial resources to build an innovative investment platform for the biopharmaceutical sector that is “based in Shanghai and Hong Kong, integrated with the Yangtze River Delta, and oriented toward the global market.” By combining financial capital with industrial resources and integrating domestic and overseas operations, the fund will focus its investments on key areas aligned with Shanghai’s biopharmaceutical industry development strategy, including high-end biological products, innovative chemical drugs and formulations, high-end medical devices and diagnostics, and innovative business models in the healthcare sector.
Dongfang Jiafu is a mixed-ownership private equity fund management company under Zhejiang Orient (SH.600120), a state-owned listed financial holding platform in Zhejiang Province, operating with “market-oriented operations and professional management.” The company has accumulated over RMB 15 billion in assets under management. Adhering to the philosophy of “discovering value through investment research and creating value through post-investment support,” Dongfang Jiafu closely monitors innovative developments in the technology sector and the transformation and upgrading of traditional industries. It has made deep strategic investments in emerging sectors such as information technology, advanced manufacturing, new energy and new materials, and healthcare. Representative portfolio companies include Ronbay Technology, Zhenlei Technology, Danghong Technology, Nexchip Semiconductor, CICT Mobile, Cambricon, Saipu Biology, WuXi STA, and Baichen Medical.
Haitong Kaiyuan is a wholly-owned subsidiary of Haitong Securities Co., Ltd. Established by Haitong Securities in 2008, it was among the first batch of direct equity investment companies wholly established by securities firms to be approved by the China Securities Regulatory Commission (CSRC). With business operations covering all of China, Haitong Kaiyuan leverages Haitong Securities’ network of more than 300 branches nationwide and its strong partnerships with leading institutions in the capital markets to identify enterprises with growth potential and investment value, helping them achieve exponential growth in both their industrial operations and capital development. The company has extensive experience in equity investment, operational optimization, medium- to long-term strategic planning, and capital management, currently managing approximately RMB 36 billion in assets. In authoritative rankings by Zero2IPO and China Venture, it has been honored for many consecutive years with awards such as “Best Direct Investment Arm of a Securities Firm” and a top-10 position among “Best Private Equity Firms.”
Xinghua Dingli, established in 2022, is an emerging professional investment firm specializing in the biopharmaceuticals, new energy, and semiconductor sectors. It is committed to identifying and supporting outstanding entrepreneurs who consistently create value. The core team has cumulatively invested in over 40 companies, with a total investment exceeding RMB 1.5 billion, demonstrating extensive venture capital expertise. Leveraging a deeply cultivated industrial ecosystem, Xinghua Dingli adopts a forward-looking perspective to foster mutual growth with its corporate partners. In the biopharmaceutical sector, the firm has invested in a portfolio of high-quality enterprises, including Hangzhou Healsun Biopharm Co., Ltd., Nuoyu Biotechnology, Huijian Technology, and Chunxun Biotechnology.
Hangzhou Haibang Investment Management Co., Ltd. (“Haibang Investment”) is a professional investment institution specializing in equity investment and management. It was jointly established by several well-known Zhejiang-born returned overseas entrepreneurs and seasoned investment professionals. The management team boasts successful entrepreneurial track records and extensive investment experience. The company leverages government, capital, industry, technology, and talent resources from both domestic and international markets, committing to provide promising startups with the necessary capital and mature management expertise to accelerate their growth and establish a leading competitive advantage.
Yinxing Valley Capital is an investment platform established by a renowned manufacturing-focused general partner (GP) from Zhejiang Province, leveraging its expertise in the new economy of industrial sectors. The firm focuses on investments in technology and data-driven fields. By integrating resources from scientists, entrepreneurs, and investors, Yinxing Valley Capital empowers young talent, drives technological advancement, and promotes industrial upgrading. The firm maintains a long-term bullish outlook on investment opportunities in China’s life sciences sector, particularly those driven by scientific data, novel therapeutic technologies, and domestic substitution. In 2022, Yinxing Valley Capital was ranked among the Top 20 Most Active Investors in China’s Healthcare Sector.