Leading CGT CDMO He Yuan Bio Completes Over RMB 300 Million Series C Financing Led by Zhengxin Valley Capital

VCBeat (WeChat Official Account: vcbeat) has learned that Obio Technology (Shanghai) Corp., Ltd. (“Obio Technology”) has officially announced the completion of its Series C financing round, raising over RMB 300 million. This follows the company’s announcement in July 2020 of the completion of its Pre-Series C financing. In total, Obio Technology has secured more than RMB 600 million in equity financing this year. The Series C round was led by Zhenxin Valley Capital, with participation from Morningside Group, Lingang Sci-Tech Innovation Investment, Sherpa Capital, Kunlun Capital, Jinpu Guodiao, and Boyuan Capital. China Renaissance served as the financial advisor to Obio Technology in both its Pre-Series C and Series C financing rounds.

Mr. Pan Oudong, Founder and Chairman of Obio Technology, stated, “Having accumulated extensive experience in the gene therapy and cell therapy CDMO industry over the past two years, Obio Technology has emerged as a leader in this specialized sector within China, garnering attention and recognition from domestic industry experts and renowned enterprises. In response to the rapidly growing global demand for viral vector production in gene therapy, Obio has launched the construction of the nearly 80,000-square-meter Obio Intelligent Manufacturing Precision Medicine Industrial Base in Lingang this year. This initiative aims to, on one hand, attract advanced gene therapy achievements worldwide by providing clinical-grade viral vector industrialization services; and on the other hand, assist domestic companies in filing clinical trial applications for their gene therapies abroad, thereby promoting Chinese innovations in gene therapy on a global scale. With continued capital support, the company will accelerate its global strategic layout, evolving into a globally influential recombinant viral drug CRO service center and a gene therapy product CDMO/CMO manufacturing base.”

Mr. Lin Lijun, Partner at Zenith Capital, stated, “Gene and cell therapies represent the future direction of therapeutic technology development. In countries such as the United States, a vibrant industry ecosystem and continuous innovation have already taken shape, with high-quality CDMOs playing a pivotal role in significantly accelerating industry evolution. China’s cell and gene therapy sector has witnessed rapid growth in recent years, gradually narrowing the gap with international counterparts. Driven by the booming development of China’s biologic cell and gene therapy industry under the Marketing Authorization Holder (MAH) system, and supported by the recent issuance of a series of technical guidance principles by the National Medical Products Administration (NMPA), the industry is poised for rapid expansion, leading to a surge in demand for CDMO services. Obio Technology boasts an outstanding team with strong cohesion and execution capabilities, along with first-mover advantages in the industry. Based in Lingang and serving the global market, the company is committed to its mission of ‘building a platform, advancing an industry, and making gene therapy benefit humanity,’ striving to become a globally leading CDMO enterprise for gene and cell therapies. Zenith Capital firmly endorses Obio Technology’s core values and strategic direction. We hope that this financing will help the company further solidify its long-term competitive advantages, strengthen its operational systems, achieve high-quality development, and better serve its industry clients.”

Dr. Xue Wenyu, Managing Director of Qiming Venture Partners, stated: “We are delighted to have the opportunity to invest in Obio Technology. Gene and cell therapy is a key focus area for Qiming in innovative drug R&D, and we fully recognize the critical importance of manufacturing in this field. As a leading domestic CDMO provider for gene therapy drugs, Obio has been dedicated to this sector since its inception. After ten years of relentless refinement, its hardware, quality systems, and team have all reached international best-in-class standards. Through this partnership, we hope Qiming can support Obio in realizing its vision of ‘Gene Therapies, Made in China’ at an early date.”

Wu Wei, General Manager of Lingang Sci-Tech Innovation Investment, stated, “A cluster of biopharmaceutical companies is converging in the Lingang New Area. Obio Technology has already commenced construction of an industrialization base spanning nearly 80,000 square meters in Lingang, aiming to establish a production platform for gene and cell therapy drugs. Lingang Sci-Tech Innovation Investment will continue to support the rapid development of key industries in the Lingang New Area and further accelerate the aggregation of high-quality capital, projects, technologies, and talent into the region.”

Li Gang, Partner at China Renaissance Capital, stated: "Cell and gene therapy represents a key R&D direction for innovative biomedical therapies and is one of the most fiercely competitive sectors in the global biotechnology landscape. Obio Technology has been deeply engaged in viral vector research services and CDMO operations for many years. With an internationally top-tier R&D and production team as well as GMP manufacturing platforms, it has emerged as a leading enterprise in China’s cell and gene therapy CDMO sector." Dr. Zhang Xiao, Managing Director at China Renaissance Capital, commented: "We are honored to have assisted the company in completing this round of financing. With the completion of its GMP facility in Lingang, the company will further solidify its leading position in the field, better serve biopharmaceutical companies in China and overseas, and advance the industrialization of cell and gene therapy technologies. We look forward to seeing Obio Technology establish itself in Lingang and expand its presence globally."

Obio Technology (Shanghai) Corp., Ltd. was established in 2013, with a current registered capital of RMB 145 million. It is a leading high-tech enterprise in China that integrates three core development areas: basic life sciences research services, gene therapy drug incubation, and industrial-scale production of clinical-grade recombinant viruses. Guided by the mission of “Gene Therapeutics, Made in China,” the company remains committed to its core business of researching, developing, and producing recombinant viruses for gene therapy. It focuses on providing high-quality products and technical services to the biopharmaceutical sector, strives to become a benchmark enterprise in the precision medicine segment in China, and ultimately aims to build a Shanghai-based brand with global reach.

Loyal Valley Capital was established in 2015. Focused on investing in great enterprises, the firm adheres to the investment philosophy of “long-term orientation, focus, and altruism.” It is committed to building China’s premier investment research and post-investment management teams, supporting outstanding entrepreneurs through ultra-long-term investment and post-investment services to jointly create exceptional companies. Since its inception, Loyal Valley Capital has strategically focused on the biopharmaceutical and healthcare sectors. To date, it has invested in more than 20 healthcare projects, including listed companies such as Henlius, InnoCare Pharma, Akeso, Junshi Biosciences, and Hygeia Healthcare, as well as outstanding medical enterprises expected to complete their IPOs within the year, such as Allist Pharmaceuticals, JW Therapeutics, and RemeGen. Beyond the pharmaceutical industry, Loyal Valley Capital has invested in a series of exceptional companies in the new consumption and technology manufacturing sectors, including Toutiao, Bilibili, POP MART, and Supcon Technology.

Morningside Group is a global investment firm founded in 1986, primarily engaged in private equity and venture capital, with investments spanning Asia, North America, and Europe. As one of the first institutional investors in China’s internet industry, Morningside Group has also emerged as a leader in China’s rapidly growing biotechnology investment sector. The Morningside team boasts extensive experience in venture capital operations and deep insights into high-tech markets, coupled with a thorough understanding of China’s unique investment landscape. Moreover, most team members possess hands-on experience in corporate management and entrepreneurship.

Shanghai Lingang Sci-Tech Innovation Investment Management Co., Ltd. is a market-oriented fund management platform under the Lingang Group. It operates and manages multiple private equity funds, including direct investment funds and funds of funds (FOFs), notably Shanghai’s first special fund for intelligent manufacturing, the “Lingang Zhizhao Fund,” and the Shanghai Artificial Intelligence Industry Investment Fund. Lingang Sci-Tech Innovation Investment focuses on technology-driven equity investments, with strategic emphasis on sectors such as integrated circuits, advanced manufacturing, biopharmaceuticals, artificial intelligence, and new energy vehicles. Committed to optimizing and upgrading the industrial layout in Shanghai and the Lingang area, it leverages abundant industrial resources to integrate capital, enterprises, and services, thereby building an investment ecosystem that fosters industry-finance integration and delivers comprehensive investment value.

Sherpa Capital is a professional healthcare investment fund established in 2018. The core team members have collaborated for many years, possessing extensive investment experience and an outstanding track record in China’s healthcare industry. It has now become one of the most influential venture capital firms in the Chinese healthcare sector. Sherpa Capital and its founder have been repeatedly ranked among the Top 10 Investors of the Year in China’s healthcare industry. The team is committed to serving as professional guides behind the climbers, empowering entrepreneurs to reach the pinnacle of their careers.

Kunlun Investment is a professional private equity fund management institution focusing on the TMT, advanced manufacturing, and healthcare sectors. Currently, Kunlun Investment manages USD-denominated funds with total assets under management exceeding $1.2 billion and RMB-denominated funds totaling RMB 9 billion. Headquartered in Beijing, the firm has achieved outstanding investment performance in its focus areas after years of development. Committed to becoming an investment institution with sustained innovation capabilities, Kunlun Investment has earned industry respect through its superior track record. The firm has completed investments in star projects such as Liuhe Ningyuan and Keya Medical.

Jinpu Investment was established in 2009 under the initiative of Shanghai International Group. To date, it has developed into a “market-oriented, professional, and international” investment management platform, comprising 11 subsidiary fund management companies and employing over 200 staff members. The firm manages more than 30 funds with assets under management exceeding RMB 50 billion, and has invested in over 200 projects domestically and internationally. Jinpu Guodiao M&A Fund is a specialized fund under Jinpu Investment focusing on Pre-IPO and mergers and acquisitions involving listed companies, with its inaugural fund size surpassing RMB 3.3 billion. Its primary investment sectors include healthcare, new materials, new energy, and high-end manufacturing. To date, the fund has invested in more than 30 well-known industry projects, including MGI Tech, Changfeng Pharmaceutical, Rayagene, and Timi Robot.

Boyuan Capital, established in 2017, is a professional investment firm dedicated to investing in and incubating outstanding healthcare startups in China. The founders and team members of Boyuan Capital come from healthcare startups, leading domestic biotechnology companies, multinational pharmaceutical corporations, or renowned professional service firms in the healthcare sector. They possess extensive experience in entrepreneurship, R&D, operations, and investment within the healthcare industry, along with deep industrial resources and rich industry expertise.

China Renaissance is a leading new-economy investment bank in China, focusing on three core sectors globally: TMT, consumer, and healthcare. Beyond its investment banking services, China Renaissance manages both an RMB-denominated fund and a USD-denominated fund. The firm maintains offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities markets. Healthcare is a key focus area where China Renaissance possesses significant strengths. Its diverse team, comprising professionals from R&D, funds, medical institutions, and corporate groups, enables the firm to demonstrate profound understanding and insight into the healthcare industry and its investment logic.