General Biologics Completes RMB Hundreds of Millions Pre-IPO Financing Round with Horizon Capital as Exclusive Financial Advisor

VCBeat has learned that General Biosystems, a one-stop provider of raw materials and services for the biopharmaceutical industry (covering nucleic acids, proteins, and antibodies), recently completed a pre-IPO financing round worth hundreds of millions of yuan. The round was led by Huarui Investment, with participation from a government fund, and Haoyue Capital served as the exclusive financial advisor for this financing.

General Biosystems is a high-tech biotechnology company that provides life science reagent products and outsourcing services to global customers. Adhering to the philosophy of “Technological Innovation, Empowering Life,” the company focuses on the development, application, and commercialization of technologies in the life sciences sector. It is dedicated to building a robust synthetic biology R&D and application platform, applying its proprietary technologies across multiple fields—including basic life science research, biopharmaceutical R&D, and the development and manufacturing of core raw materials for in vitro diagnostics (IVD)—thereby breaking the current bottleneck of import dependence for upstream raw materials.

General Biosystems' Self-Built Campus

After eight years of accumulating expertise in technology, products, and talent, General Biosystems has established six mutually reinforcing platforms: gene synthesis, industrial primers, protein engineering, antibody engineering, testing and inspection, and target engineering. This has enabled the integrated business model of “gene + protein + antibody.” The company serves over 20,000 clients, covering nearly all listed IVD companies, renowned domestic pharmaceutical enterprises, and customers in more than 20 countries overseas, providing comprehensive services.

In-House Oligonucleotide Synthesis and Production System

Meanwhile, driven by robust growth in application areas, market demand for pharmaceutical nucleic acids has surged, spurring the rapid development of the CDMO sector for pharmaceutical nucleic acids. General Biosystems (Anhui) Co., Ltd. has responded swiftly to market demands, strategically laying out its small nucleic acid CMC and CDMO businesses with a forward-looking perspective, and rapidly capturing domestic market share. The company is at the forefront of the industry in developing small nucleic acid CDMO capabilities. In December 2021, it signed a cooperation agreement with Cytiva to jointly build the world’s first Oligo FlexFactory for small nucleic acids, facilitating the clinical development and commercialization of more innovative nucleic acid therapeutics. As the first upstream service provider in China to systematically achieve full coverage of nucleic acids across research, diagnostics, and therapeutics, the company has established a complete business chain with strong synergistic and expansion capabilities.

Aerial View of General Biosystems’ Oligonucleotide CDMO Facility

Through continuous technological innovation, General Biosystems currently holds 36 granted patents (including 19 invention patents and 17 utility model patents), with 109 invention patent applications filed and accepted. The company has led the formulation and approval of four national standards and published over 200 scientific papers. Since 2015, the company has successively passed assessments for management systems such as ISO 9001, ISO 13485, and GJB 9001, obtaining certifications from authoritative bodies. In 2021, it received the CNAS L15390 accreditation issued by the China National Accreditation Service for Conformity Assessment (CNAS). Furthermore, the company has established five innovative R&D platforms, including the “Anhui Provincial Enterprise Technology Center,” “Anhui Provincial Postdoctoral Research Station,” “Anhui Provincial Engineering Technology Research Center,” and “Anhui Provincial High-Throughput Synthetic Biology Engineering Laboratory,” thereby further perfecting its R&D and innovation system. The company has been honored with numerous qualifications and awards, including the Gold Award of the Anhui Provincial Patent Award, recognition as one of the Top 30 Enterprises in Anhui’s Modern Service Industry, National High-Tech Enterprise, Anhui Provincial Specialized, Refined, Differential, and Innovative SME, Anhui Provincial Technological Innovation Demonstration Enterprise, Anhui Provincial Service-Oriented Manufacturing Demonstration Platform, and Anhui Provincial International Cooperation Demonstration Base.

Mr. Yong Jingui, Chairman and General Manager of General BiosystemsGeneral Biosystems stated that since its establishment, the company has expanded its business to serve over 20,000 institutions by leveraging its leading industrialization philosophy, comprehensive one-stop services, and top-tier market response speed. In recent years, the company has achieved a compound annual growth rate (CAGR) of over 40%, demonstrating rapid development. Amid the swift growth of China’s domestic biotechnology industry, the localization of biomedical reagents and raw materials, along with international expansion, has become an irreversible trend. The company’s team is committed to technological, process, and workflow innovation, continuously establishing and upgrading industry standards in China. Adhering to a market-oriented approach, General Biosystems provides customers with the most urgently needed yet highly valuable products or services, aiming to reduce industry costs and strengthen China’s raw material market. The company focuses on building an integrated product system centered on “nucleic acids–proteins–antibodies” to better serve its clients. Building on its accumulation and advantages in the nucleic acid industry, General Biosystems has been optimistic about the direction of nucleic acid therapeutics since 2019. It proactively established an integrated business layout covering “research nucleic acids, diagnostic nucleic acids, and therapeutic nucleic acids,” providing support and assistance to rapidly growing nucleic acid drug R&D enterprises, which has been widely recognized by its customers.

Huarui Investment Biopharmaceutical TeamGeneral Biosystems is recognized as an industry-leading integrated platform that provides comprehensive solutions and raw material supply for the IVD, innovative biopharmaceutical R&D, and basic life sciences research sectors. Leveraging robust synthetic biology technologies, its business spans multiple domains, including basic life sciences research, preclinical biologic drug discovery, vaccine development, nucleic acid therapeutics and gene therapy R&D, and the development of core raw materials for in vitro diagnostic products. By introducing advanced industrial operational thinking into the biotechnology sector, General Biosystems ensures highly efficient production processes and delivers high-quality, stable products. The founding team demonstrates strategic vision, exceptional management capabilities, and strong execution, propelling General Biosystems to an industry-leading position within just eight years. We sincerely hope that General Biosystems will soon enter the capital markets and continue to contribute to China’s life sciences sector!

Mr. Ding Yameng, Founding Managing Partner and Chief Operating Officer of Haoyue CapitalHaoyue Capital expressed that it is honored to have once again served as the exclusive financial advisor for General Biosystems’ financing, assisting the company in successfully completing the round. As a leading provider of raw materials and services for the biomedical sector (spanning research, diagnostics, and therapeutics), General Biosystems has leveraged its leading advantages in nucleic acid synthesis to pioneer layouts in small nucleic acid CMC and CDMO businesses, poised to accelerate growth by capitalizing on the rising momentum of small nucleic acid therapeutics. The founding team’s strategic vision, continuous innovation capability, and efficient execution have been fully recognized by both existing and new shareholders, driving the company to constantly break through boundaries and achieve new heights. We remain bullish on the company’s future prospects and look forward to seeing General Biosystems continue to thrive!

General Biosystems, established in 2014 and headquartered in Chuzhou, Anhui Province, is dedicated to providing biotechnology products and research and development outsourcing services to global customers. Its business applications span multiple fields, including life science research, innovative drug development, and the development of core raw materials for in vitro diagnostics (IVD). As a one-stop provider of biomedical raw materials and services covering research, diagnosis, and therapy, the company serves renowned pharmaceutical enterprises, biotechnology companies, and scientific research institutions across more than 20 countries and regions worldwide.

SINOWISDOM, founded in 2002, is one of the earliest privately-owned venture capital firms established in China. The firm manages over 60 venture capital funds, has invested in more than 200 projects, and oversees assets under management exceeding RMB 15 billion. Over the past two decades, SINOWISDOM has adhered to the belief that industry is the source of wealth, maintaining a supply-chain-focused investment strategy and adopting a consulting-firm approach to investing. It continuously seeks unique opportunities, with a particular focus on sectors such as electronic information, biotechnology, new energy, and new materials, while being rooted in Zhejiang Province and deeply engaged in the Yangtze River Delta region. Nearly 30 of its portfolio companies, including Obio Technology and Ynnergy Technology, have achieved initial public offerings (IPOs). SINOWISDOM has made strategic investments in Hu Qing Yu Tang to establish it as a leading enterprise in the modern Traditional Chinese Medicine (TCM) industry. In the biotechnology sector, its portfolio includes industry leaders in niche markets such as Kingstar Shengshi, Huadao Bioengineering, Haoyang Biotech, Shangjian Biotech, and Lianchuan Biotech.SINOWISDOM has been consecutively recognized for many years as one of the “Top 50 Venture Capital Firms” by Zero2IPO Research and by FinanceChina, and as a “Top-Tier Venture Capital Firm” by Jiemian News. The firm’s founder, Zong Peimin, has been consecutively rated as one of Forbes China’s “50 Best Investors,” Zero2IPO’s “50 Best Venture Capitalists,” and Jiemian News’ “25 Top Venture Capitalists in China.” He currently serves as Executive Vice President of the Zhejiang Equity Investment Association and the Zhejiang Venture Capital Association, as a Consulting Expert for the Zhejiang Industrial Transformation and Upgrading Fund, and as a Member of the Venture Capital Professional Committee of the Asset Management Association of China (AMAC).

Haoyue Capital, established in January 2014, is a leading industry-focused investment bank in China specializing in the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing and Shenzhen. Committed to empowering clients through capital solutions and research-driven insights, Haoyue Capital facilitates the successful connection of outstanding Chinese healthcare enterprises with the capital markets, thereby creating value-added benefits for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector, supported by a professional team of over 70 members. Haoyue Capital closely monitors dynamics and trends in the healthcare investment market, with its research coverage and transaction scope spanning multiple sub-sectors, including biopharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2021, Haoyue Capital completed more than 50 complex transactions involving private equity financing, mergers and acquisitions, and spin-offs of listed companies, with a total transaction value amounting to tens of billions of RMB, securing a leading position across various healthcare sub-sectors.