GenScript Biotech Corporation Secures $100 Million Series C Financing Led by Goldman Sachs Asset Management and Sofina

VCBeat (WeChat: vcbeat) has learned that Shanghai Zhenge Biotechnology Co., Ltd. (“Zhenge Bio” or the “Company”) announced the completion of its $100 million Series C financing round, led by Goldman Sachs Asset Management and Sofina, with participation from Novo Holdings A/S, Qiming Venture Partners, IDG Capital, LYFE Capital, GT Capital, and CO-WIN Ventures.

The funds raised in the Series C round will be used to further strengthen Zhenge Biotechnology’s global R&D center and expand Good Manufacturing Practice (GMP)-compliant production capacity to meet the demands of domestic and international clients. To date, Zhenge Biotechnology has cumulatively raised $225 million.

Shanghai Zhenge Biotechnology Co., Ltd. provides one-stop contract development and manufacturing organization (CDMO) services, helping clients discover, develop, and manufacture biologics by delivering end-to-end solutions from concept to commercialization. To date, the company has served more than 100 biopharmaceutical and biotech clients and completed over 150 projects, including cell line development, Investigational New Drug (IND) applications, and large-scale clinical-stage manufacturing contracts. Over the years, Shanghai Zhenge Biotechnology has cultivated deep expertise in monoclonal antibodies, bispecific antibodies, antibody-drug conjugates (ADCs), fusion proteins, and vaccines.

Shanghai Zhenge Biotechnology Co., Ltd. integrates advanced platforms for cell culture, metabolite analysis, recombinant protein analysis, and pilot-scale production of customized media to help clients enhance unit yield and product quality. Additionally, the company offers a range of advanced analytical services, including Analytical Ultracentrifugation (AUC), to support clients in obtaining drug approvals in both China and international markets.

In addition to its R&D centers in Shanghai and Maryland, USA, Zhenge Biotechnology also operates a 10,000-square-meter GMP pilot production center in the Lingang New Area of the Shanghai Free Trade Zone, a GMP commercial production line with an annual capacity of 200 tons of powdered culture media, and a commercial manufacturing base under construction featuring three 2,000L and three 5,000L bioreactors.

Shanghai Zhenge Biotechnology Co., Ltd. prioritizes environmental, social, and governance (ESG) responsibilities, regarding them as an integral component of its corporate strategy. By implementing high-standard environmental, health, and safety systems, and adopting next-generation production technologies and cleaner energy sources, the company is committed to creating a positive impact.

Chen Jianxin, Chairman and CEO of Zhenge Biotechnologystated: “We are delighted that leading global investment institutions, including Goldman Sachs Asset Management, Sofina, and Novo Holdings, served as lead investors in this financing round. We appreciate their recognition and support for Zhenge Biotechnology. The Series C funding will be used to strengthen R&D and construct multiple 15,000L production lines, enabling Zhenge Biotechnology to provide high-quality, cost-effective solutions that meet the growing demands of both existing and new customers.”

Xu Xiaoou, Managing Director at Goldman Sachs Asset Management“Given the vast size and rapid growth of the global biologics market, regulatory policies and capital investment are driving continuous innovation in drug development. We anticipate that as global innovative pharmaceutical companies increasingly encounter bottlenecks in production scale and R&D talent, the outsourcing rate for large-molecule drug development will rise significantly. We are optimistic about the solutions Zhenge provides to its clients, as well as the company’s technological barriers in the upstream and downstream processes of cell line development.” Mr. Xu oversees healthcare and life sciences investments in China for Goldman Sachs Asset Management. He has joined the Board of Directors of Shanghai Zhenge Biotechnology Co., Ltd.

Lu Xiaotian, Head of SOFINA China; Lin Yizhen, Investment Managerstated, “We are delighted to support Zhenge Biotechnology. By leveraging its robust technical expertise and maintaining a steadfast commitment to delivering industry-leading manufacturing services and processes, Zhenge empowers its clients to develop and produce affordable innovative therapies. We believe Zhenge will continue to be the trusted partner of choice for both existing and new clients, and we look forward to establishing a long-term collaborative relationship with Zhenge.”

Dr. Amit Kakar, Senior Partner and Head of Asia at Novo Holdingsstated: “Zhenge Biotechnology is one of the fastest-growing biopharmaceutical CDMOs. Under the leadership of an industry-leading team, it provides high-quality end-to-end solutions that address significant unmet needs. Novo Holdings is delighted to partner with the company to empower its domestic and international growth strategies.”

Goldman Sachs Asset Management integrates traditional and alternative investment businesses, serving global clients with a focus on long-term performance. As the primary investment arm of Goldman Sachs (NYSE: GS), it leverages its extensive global network and tailored professional insights to provide investment and advisory services to leading institutions, financial advisors, and individuals across major regions and markets worldwide. As of September 30, 2021, its global assets under management totaled $2.37 trillion. Client-outcome driven, the firm seeks to build long-term partnerships founded on strong convictions, sustainable results, and mutual success.

Sofina is a family-controlled and managed investment company listed on the Euronext Brussels. It currently manages global assets totaling over €10 billion. Sofina is committed to becoming the partner of choice for entrepreneurs and families managing growth-stage companies by providing long-term capital and supportive advice. In line with its growth-oriented investment style, Sofina primarily takes minority stakes, with typical investment amounts ranging from €15 million to €50 million. Aligning the vision and interests of partners is crucial to the execution of this investment strategy. For more information, please visit www.sofinagroup.com.

Novo Holdings is a privately held limited liability company wholly owned by the Novo Nordisk Foundation. It serves as the holding company for the Novo Group, which comprises Novo Nordisk and Novozymes, and is responsible for managing the assets of the Novo Nordisk Foundation.

Novo Holdings is recognized as a leading international life sciences investor, focused on creating long-term value. As a life sciences investor, Novo Holdings provides seed and venture capital to companies in the development stage and holds significant ownership positions in growth-stage and mature companies. Novo Holdings also manages a broad and diversified portfolio of financial assets.

Shanghai Zhenge Biotechnology Co., Ltd. was established in 2017. Its core businesses include CDMO services for large-molecule biologics, as well as the development and production of mammalian cell culture media. The services provided encompass: developability assessment of large-molecule drugs, cell line development, process development and optimization, preclinical pilot-scale manufacturing, clinical sample production and commercial CMO services, process characterization and validation studies, analytical testing services, and cell culture media formulation development and commercial production.