ZhenGe Biologics Secures $70 Million Series B Financing Led by Qiming Venture Partners and IDG Capital

Shanghai Zhenge Biotechnology Co., Ltd. (“Zhenge Biotech”) recently announced the completion of its $70 million Series B financing round, co-led by Qiming Venture Partners and IDG Capital, with participation from China Merchants Bank International, Jinpu Investment, Guoke Jiahe, and Hangzhou Fulin Investment. Existing Series A investors LYFE Capital (Jifeng), Guofang Capital, and Junxin Capital also continued their support.

▲Zhenge Biotechnology's Commercial Production Base

Shanghai Zhenge Biotechnology Co., Ltd. has raised a cumulative total of $125 million in financing. The funds from this round will be used to construct a commercial production base in the Lingang New Area. Covering an area of 45.8 mu, the facility will feature multiple GMP-compliant commercial bulk drug substance production lines with 2000L, 5000L, and 500L perfusion capabilities, as well as finished product filling lines.

Shanghai Zhenge Biotechnology Co., Ltd. specializes in CDMO services for large-molecule biologics. To date, the company has served over 80 clients and completed more than 100 projects, including manufacturing services for multiple clinical-stage programs and comprehensive technical support for numerous IND filings. Its portfolio covers monoclonal antibodies, bispecific antibodies, antibody-drug conjugates (ADCs), fusion proteins, vaccines, and other therapeutic modalities.

With the continuous growth of the global biologics market and the booming development of China's biotechnology industry, the market for biologics process development and manufacturing is experiencing sustained growth. Data shows that the global biologics CDMO market has reached a scale of tens of billions of US dollars. Biologics production capacity will continue to shift to China, and Shanghai Zhenge Biotechnology Co., Ltd. is well-positioned to provide high-quality, continuous services to biologics companies both globally and domestically.

▲Rockville Laboratory, Maryland

Zhenge Biotechnology boasts an industry-leading, highly experienced team of experts, establishing a robust collaborative model in areas such as cell line development, process development and characterization studies, and clinical sample CMO services. The team previously developed the manufacturing process for China’s first PD-1 antibody, achieving high yield and low cost, thereby benefiting a vast number of cancer patients. Additionally, their development of an Avastin biosimilar set a precedent as the first time a Chinese enterprise secured FDA approval for both Phase I and Phase III clinical trials for a biosimilar application in the United States without any deficiency letters. The founder, Chen Jianxin, brings over 30 years of R&D and production experience in cell culture technology. Having held positions at multiple multinational corporations, he once led his team to achieve an industry-record titer of 14.5 g/L in fed-batch culture of animal cells for antibody production.

In addition to macromolecule CDMO services, the company has integrated advanced platforms for cell culture, nutrient/metabolite analysis, recombinant protein analysis, and pilot-scale production of powdered media. It custom-develops optimized formulations for basal, feed, and perfusion media to help clients enhance protein expression levels and improve antibody quality, while also providing GMP-compliant large-scale commercial manufacturing of powdered media. The company further offers various instrumental analysis services, including analytical ultracentrifugation (AUC), marking the first such capability in China’s industrial sector.

Currently, the company operates a 4,500 m² biologics R&D center in the Zhoupu International Medical Park; a 10,000 m² GMP pilot production line for biologics and a GMP commercial production line with an annual capacity of 200 tons of mammalian cell culture media in the Lingang New Area of the Shanghai Free Trade Zone; a 66,000 m² commercial manufacturing base under construction; and a 6,500 m² ADC R&D and production center. Additionally, the company maintains a 4,000-square-foot R&D laboratory in Rockville, Maryland, USA.

▲Zhoupu R&D Center

Chen Jianxin, Chairman of Shanghai Zhenge Biotechnology Co., Ltd., stated, “We extend our gratitude to top-tier international investment institutions for their recognition and continued support of Zhenge Biotech. The CDMO sector for large-molecule biologics is a field that demands sustained accumulation of expertise and capabilities. Zhenge Biotech remains committed to scaling up and expanding its global presence, striving to become the preferred partner for biopharmaceutical companies both in China and abroad, and delivering impeccable one-stop services to every client.”

Liang Yingyu, Managing Partner at Qiming Venture Partners, stated, “Zhenge Biotechnology excels in process development technology and enjoys a strong reputation in the industry. The funding from this round will accelerate its commercialization and capacity expansion. We are optimistic about Zhenge Biotechnology’s future and look forward to its enhanced ability to serve customers both domestically and internationally.”

Zhang Jianbin, Partner at IDG Capital, stated, “Against the backdrop of current global trends in the biopharmaceutical industry, the rapid development of China’s biologics CDMO sector will ultimately reshape the global landscape of biopharmaceutical CDMOs and redraw the map of the biopharmaceutical industry. Zhenge Biotechnology possesses leading cell culture processes, high-quality and high-titer technical capabilities, efficient project execution, and comprehensive one-stop services. Furthermore, its familiarity with regulatory submission standards and requirements for large-molecule drugs in both China and the United States positions it to inevitably win market share. We remain committed to supporting Zhenge Biotechnology’s long-term development.”

Shanghai Zhenge Biotechnology Co., Ltd. (hereinafter referred to as “Zhenge Biotech”), established in 2017, is a national high-tech enterprise registered in the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone. Zhenge Biotech operates R&D centers in the Shanghai Zhoupu International Medical Park and Maryland, USA, and maintains cGMP-compliant pilot-scale and commercial manufacturing facilities in the Lingang New Area of Shanghai. The company’s core business focuses on CDMO services for large-molecule biologics, as well as the development and production of mammalian cell culture media. Specific offerings include druggability assessment of large-molecule drugs, end-to-end CMC clinical filing support, cell line development, process development and optimization, pilot-scale manufacturing, clinical sample production, commercial CMO services, process characterization and validation studies, analytical services, and the formulation development and commercial production of cell culture media. By providing integrated CDMO services spanning from preclinical research to commercial manufacturing, along with domestically produced customized cell culture media products, Zhenge Biotech aims to facilitate and accelerate the R&D and industrialization of large-molecule biologics for pharmaceutical companies both in China and abroad.

Qiming Venture Partners was established in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.

Currently, Qiming Venture Partners manages nine U.S. dollar funds and six RMB funds, with total assets under management reaching $5.9 billion. Since its inception, the firm has focused on investing in outstanding early- and growth-stage companies in sectors such as TMT and Healthcare.

To date, Qiming Venture Partners has invested in more than 380 high-growth innovative enterprises, among which over 130 have achieved exits through listings on exchanges such as the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange (HKEX), the Taipei Exchange (TPEx), the Shanghai Stock Exchange (SSE), and the Shenzhen Stock Exchange (SZSE), as well as through mergers and acquisitions. More than 40 of these portfolio companies have become industry-recognized unicorns and super unicorns.

IDG Capital pioneered venture capital operations in China in 1993 and is a globally leading private equity investment firm. After nearly three decades of development, the firm’s business now spans Europe, the United States, and the Asia-Pacific region. It currently maintains offices in 13 cities across five countries, including New York, Boston, London, Beijing, Shanghai, Hong Kong, Seoul, and Hanoi, with cumulative assets under management exceeding RMB 150 billion. IDG Capital focuses on leading enterprises in sectors such as Technology, Media, and Telecom (TMT), new consumer goods and services, culture and entertainment, healthcare, advanced manufacturing, and clean energy. Its investment scope covers all stages, from early-stage startups to growth-stage, mature companies, and mergers and acquisitions, with investment sizes ranging from millions to hundreds of millions of US dollars. To date, IDG Capital has invested in over 1,000 outstanding companies worldwide, among which more than 200 have successfully exited through Initial Public Offerings (IPOs) or Mergers and Acquisitions (M&A) in capital markets in the United States, Europe, Hong Kong, and mainland China.

China Merchants Bank International (Hong Kong) Limited (“CMB International”) is a wholly-owned subsidiary of China Merchants Bank. It is a comprehensive, specialized financial services institution headquartered in Hong Kong, with deep roots in mainland China and a global outreach.

As China Merchants Bank International Capital participated in this round of investment, China Merchants Bank also engaged in discussions with Shanghai Zhenge Biotechnology Co., Ltd. regarding unsecured working capital loans and long-term fixed asset loans amounting to hundreds of millions of yuan.