Chengdu MedGenVax Completes Hundreds of Millions RMB Series A Financing to Advance Clinical Development of Innovative Vaccines and Construction of Industrialization Base

On July 20, 2021, Chengdu Maxvax Biotechnology Co., Ltd. (hereinafter referred to as “Maxvax”) completed its Series A financing round. The round was co-led by Hillhouse Venture Capital and Sherpa Partners, with additional participation from KIP Capital, raising a total of several hundred million RMB.

The proceeds from this financing round will support Maxvax in conducting clinical studies for its novel rotavirus vaccine project, filing for regulatory approval and initiating clinical trials for its novel shingles vaccine project, and advancing and expanding the R&D of other product pipelines. Meanwhile, Maxvax will also utilize the funds to commence the construction of its industrialization base.

Maxvax officially commenced operations in October 2017, focusing on the independent research and development and integrated innovation of advanced vaccine technologies and products. Currently, two major vaccine candidates are poised to enter clinical trials.

Maxvax’s core technologies comprise an internationally leading and domestically pioneering innovative adjuvant technology platform and a recombinant protein production platform. Maxvax’s adjuvant platform is built upon innovative adjuvant raw materials, formulations, manufacturing processes, and a comprehensive quality system. Its adjuvant products include optimized aluminum adjuvants, nanoemulsion adjuvants, combination adjuvants, and molecular adjuvants. Maxvax’s recombinant protein production platform encompasses both prokaryotic and eukaryotic expression systems. Leveraging its proprietary technological advantages and the strength of its industrialization team, Maxvax has established a pipeline of ten innovative vaccine candidates.

Dr. Chen Dexiang, Founder, Chairman, and General Manager of Maxvax, spent nearly 30 years working on vaccine development at Wyeth, Novartis, and the international public health organization PATH before returning to China. He has led or participated in the development of more than 20 vaccines for infectious diseases and therapeutic indications, accumulating extensive experience in the industrialization of vaccines.

Dr. Chen Dexiang, Founder, Chairman, and General Manager of Maxvax

Regarding this round of financing, Dr. Chen Dexiang stated, “We thank our investors for their recognition and support of Maxvax. Adhering to its business philosophy of ‘innovation as the soul and talent as the foundation,’ Maxvax will continue to strengthen talent acquisition and team building, uphold its development strategy of independent innovation coupled with external collaboration, and strive to develop high-quality, China-made vaccines for global public health at the earliest possible date.”

Since its establishment over four years ago, Maxvax has been recognized as a potential unicorn enterprise by GEI (2021) and was honored as one of the “Top 50 Most Investment-Worthy Enterprises in China” in 2018. The company currently employs nearly 100 staff members, and its core management team, led by Dr. Chen Dexiang, boasts an average of more than 20 years of experience in vaccine research and development and industrialization.

Regarding its continued investment in Maxvax, Hillhouse Ventures stated: “The Maxvax biological team possesses decades of experience in the vaccine industry, with Dr. Chen and the core team bringing extensive industry resources and rich expertise in adjuvant development. The company’s two innovative vaccine candidates poised to enter clinical trials are both first-of-their-kind technologies in China, with fully independent intellectual property rights. During the COVID-19 pandemic, Chinese vaccines made significant contributions to global epidemic prevention and control. The next decade will be a golden era for China’s vaccine industry. Hillhouse will support emerging vaccine enterprises in developing new technological platforms, thereby expanding the market scale and enhancing the global influence of Chinese vaccines.”

Mr. Cai Daqing, Founding Managing Partner of Sherpa Capital, stated, “China’s vaccine industry is undergoing a rapid transition from imitation to innovation. There is substantial clinical demand and market potential, yet there remains a significant shortage of high-quality products that effectively address urgent needs. We have observed that Maxvax, driven by clinical needs and leveraging its proprietary adjuvant technology platform along with deep insights into the vaccine industry, has built an innovative vaccine pipeline with global competitiveness. Sherpa Capital is honored to support the Maxvax team in continuously developing safer and more effective vaccine products, striving to establish the first line of defense for public health.”

Hillhouse Ventures is the venture capital fund under Hillhouse, focusing on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software and hard tech, consumer internet and technology, and emerging consumer brands and services. Biopharmaceuticals and medical devices have long been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding companies in the fields of biopharmaceuticals, medical devices, and healthcare services. We aim to partner with enterprises as “friends of time,” jointly driving innovation and development in the broader healthcare sector to benefit more patients.

Sherpa Investment is a specialized fund focused on early-stage healthcare investments. Adhering to an investment philosophy centered on building industry ecosystems, it constructs its portfolio around rigid, unmet medical needs, leveraging deep expertise in the treatment of major diseases, and strategically positioning itself across the industry’s vertical depth as well as its upstream and downstream sectors.

By actively sharing operational expertise and a forward-looking, whole-industry-chain perspective with portfolio companies, the team proactively fosters internal and external synergy, helping enterprises achieve rapid growth in both business performance and valuation, while securing leading positions in their respective niche markets. The team has invested in industry-leading enterprises across key sectors such as healthcare services, pharmaceuticals, gene technology, and medical devices, thereby cultivating comprehensive resource advantages encompassing deal sourcing, post-investment value-added services, and exit strategies. From 2011 to 2020, spanning four fund vintages and over 100 healthcare investments, the team has had the privilege of partnering with numerous outstanding entrepreneurs, growing together along the journey.

KIP Capital is a leading investment institution in Asia. Established in 1986, it has managed over $5 billion in assets and has launched seven RMB-denominated funds in China. KIP focuses on the development of multiple emerging sectors, particularly biopharmaceuticals/big health, consumer goods/IoT, and advanced technologies/AI. Its portfolio companies are distributed across Asia, Europe, and the Americas, with more than 1,000 investments to date, including over 300 companies listed on secondary markets in various countries and regions.