Bellen (Ningyuan) Group Secures Hundreds of Millions in Series D Funding to Accelerate CRO/CDMO Business and Files IPO Prospectus

VCBeat has learned that in June 2020, Bellen (Ningyuan) Group completed a Series D financing round worth hundreds of millions of yuan. The round was co-led by Huagai Capital and Zhongding Capital, with existing shareholders CICC Qichen, Legend Capital, Xingze Capital, and Boxing Capital making additional investments. The funds will continue to be used to expand the company’s CRO/CDMO business and build a one-stop service platform for chemical synthesis in small-molecule new drug R&D.

Bellen (Ningyuan) Group was founded in 2010 by six individual shareholders. The company specializes in R&D outsourcing and manufacturing outsourcing services (CRO/CDMO) for the chemical synthesis of high-end pharmaceutical intermediates, striving to build a globally leading one-stop service platform for the chemical synthesis of small-molecule new drug discovery. After years of accumulation, the company has expanded its business from CRO to CDMO. It operates an early-stage R&D laboratory in Beijing, a process development center in Shanghai, and a production base covering nearly 100 mu in Yantai, Shandong Province. Additionally, it has established marketing and sales centers in France, Canada, the United States, the United Kingdom, and Japan, achieving a group-oriented and globalized layout.

Bellen’s R&D services span the entire value chain, including candidate molecule development, manufacturing process development, industrialization, and large-scale contract manufacturing for commercialized drugs, establishing a professional one-stop service platform. Leveraging robust innovative technological capabilities, an international team with a global perspective, advanced management philosophies and awareness, comprehensive quality management and EHS (Environment, Health, and Safety) systems, and over a decade of accumulated expertise in new drug R&D services, Bellen continues to deliver high-quality services to renowned pharmaceutical companies and drug research institutions worldwide, while progressively building comprehensive strategic partnerships with an expanding client base.

Huagai Capital, the lead investor in this round, stated: "Under the Marketing Authorization Holder (MAH) system, China's biopharmaceutical industry is flourishing, with the number of innovative drug applications increasing year by year. Moreover, many multinational pharmaceutical companies are shifting their CRO/CDMO operations to Asia. Thanks to its abundant engineer dividend, robust patent system, and complete industrial chain, China is poised to become a primary growth engine for the global CRO/CDMO sector. Bellen boasts an outstanding core team characterized by strong execution, cohesion, and an international perspective. The operational launch of its Innovation Center in Beijing, Process Development Center in Shanghai, and CDMO facility in Shandong will propel Bellen to become a leading enterprise providing one-stop CRO+CDMO services in the field of small-molecule drug synthesis in China."

Huagai Capital envisions becoming the most trusted investment partner for entrepreneurs and investors. It focuses on private equity investments in three major sectors: healthcare, TMT (Technology, Media, and Telecom), and culture and education. The firm has managed funds totaling over RMB 15 billion, with ten portfolio companies successfully listed. Its healthcare fund concentrates on biopharmaceuticals, medical devices, and healthcare services, prioritizing industry M&A consolidation within the healthcare sector as well as investment opportunities in high-tech enterprises experiencing rapid growth during their early to mid-stages.

As another lead investor in this financing round, Zhongding Capital stated that it felt an immediate affinity with Bellen Chemistry. The name “Bellen” (Liuhe Ningyuan) resonates with the meaning behind Zhongding’s motto, “Gathering at the sound of the bell, forging tripods as a pledge.” Both firms champion the “Sword-Drawing Spirit,” and this shared ethos facilitated their swift partnership. Zhongding Capital focuses on investing in service-oriented companies that compete through operational efficiency. Bellen Chemistry’s “Brotherhood Culture” and “Sword-Drawing Spirit” have fostered exceptional organizational cohesion and execution capabilities, earning long-term customer trust. With a steady and sustainable approach, Bellen Chemistry is poised for even greater success in the future.

Zhongding Capital, established in 2010, is an ecosystem-focused fund dedicated to “enhancing industrial efficiency through supply chain-centric capability building.” Its investment focus spans logistics and supply chain, retail and brands, and data technology. Over the past decade, Zhongding Capital has grown its fund size to RMB 13 billion, invested in 130 companies, and nurtured 15 unicorns, establishing itself as the most influential venture capital firm in China’s logistics and supply chain sector.

This round of financing attracted both new investors, such as Huagai Capital and Zhongding Capital, and existing investors, including CICC Qichen, Legend Capital, Xingze Capital, and Boying Capital. The participation of both specialized healthcare funds and large comprehensive funds underscores the capital market’s recognition of Bellen and affirms its achievements over the past decade. Amid the ongoing global pandemic, new drug development continues to gain momentum, and Bellen’s position in the CRO/CDMO sector has become increasingly vital to this process.

With the support of capital from various sectors, Bellen will remain steadfast in its goal to become a “global leading one-stop service platform for chemical synthesis in small-molecule new drug R&D,” continuously driving technological innovation, optimizing its industrial layout, supporting drug development, and enabling more new drugs to serve human health.