Bonacia Completes Nearly RMB 100 Million Series B1 Financing to Accelerate Expansion into North America and Southeast Asia

VCBeat has learned that the CRO company specializing in clinical researchBonacia (Hefei) Pharmaceutical Technology Co., Ltd.(hereinafter referred to as “Bonacia”) recently completed a Series B1 financing round of nearly RMB 100 million. This round of financing was led byCo-stone CapitalLead Investor,Kinghall VenturesCo-investment,ROBE CAPITALServing as the financial advisor. This round of financing will empower the company to vigorously advance its internationalization and digital-intelligence initiatives, further expand into the North American and Southeast Asian markets, contribute to accelerating the global competitiveness of China’s pharmaceutical industry, and promote Chinese-originated innovations to the broader realm of exploring internationally leading solutions for diseases.

Contract Research Organizations (CROs) are organizations or institutions that provide specialized outsourcing services to pharmaceutical companies during the drug development process. CROs can be further categorized into preclinical CROs and clinical CROs. As China’s clinical trials enter a new phase, the market size of clinical CROs continues to expand, with both its growth rate and market scale surpassing those of preclinical CROs. According to Frost & Sullivan data, the market size of China’s clinical CRO sector reached RMB 26.3 billion in 2020 and is projected to reach RMB 83.5 billion by 2025, representing a compound annual growth rate (CAGR) of 25.99% from 2020 to 2025, indicating significant future growth potential.

China’s Preclinical CRO and Clinical CRO Market. Red indicates the market size of clinical CROs, and blue indicates the market size of preclinical CROs. Data sources: Frost & Sullivan, Kaiyuan Securities Research Institute

Bonacia, established in 2004, is a CRO company specializing in pharmaceutical R&D and clinical research. It is committed to providing comprehensive solutions for clinical research and regulatory submissions of chemical drugs, biologics, and vaccines, delivering full-spectrum professional medical services for clinical studies by pharmaceutical enterprises both domestically and internationally.

With nearly 20 years of development and accumulation, we have successfully completed over 200 projects spanning more than 20 therapeutic areas, including oncology, autoimmune diseases, metabolism, respiratory disorders, and ophthalmology. We have established offices in 20 major provinces and municipalities across China. We maintain close collaborations with 80% of clinical trial institutions nationwide and boast a professional team operating in accordance with international standards (ICH-GCP), supported by comprehensive, standardized, and detailed Standard Operating Procedures (SOPs).

Some of Bonacia's Partners

The CRO industry is a knowledge-intensive, high-tech sector. Bonacia boasts a leading medical science team. The company’s core executives and key team members have extensive experience in clinical development strategies and clinical trial design for innovative oncology and non-oncology drugs. They have provided critical medical consulting services to multiple pharmaceutical companies and possess substantial experience in global regulatory submissions and successful market launches of new drugs.

The core members of the company’s Medical Science team possess an average of over 15 years of experience in clinical R&D, spanning therapeutic areas such as oncology, neuropsychiatry, ophthalmology, rheumatology and immunology, cardiovascular diseases, and infectious diseases. The team has extensive experience in conducting Phase I–III clinical trials across product categories including small-molecule drugs, biologics, and cell therapies. Their expertise covers solid tumors and hematologic malignancies—such as lung cancer, liver cancer, gastric cancer, colorectal cancer, head and neck cancers, cervical cancer, glioma, lymphoma, multiple myeloma, and leukemia—as well as therapeutic areas including neurological disorders, endocrinology, respiratory diseases, infectious diseases, pain management, rheumatology and immunology, dermatology, and cardiovascular diseases.

As the demand for overseas clinical trials among leading domestic pharmaceutical companies grows, and with the company’s expansion into overseas markets and capital empowerment, it will sequentially lay out its presence in North America and Southeast Asia to empower innovative pharmaceutical companies in their global expansion.

Regarding securing this round of financing,Zhao Min, Founder and CEO of BonaciaHe stated, “Against the dual backdrop of deflation in the biopharmaceutical sector and a winter chill in innovative drug investment, Bonacia has bucked the trend, maintaining robust revenue growth and successfully completing its Pre-IPO financing round. We extend our sincere gratitude to Shenzhen Co-stone Venture Investment Management Company Limited, Kinghall Ventures, and both new and existing shareholders for their steadfast trust and strong support. Bonacia will continue to focus on clinical services for innovative drugs, deepening its expertise and efforts in its core therapeutic areas: oncology, autoimmune diseases, neuropsychiatry, and vaccines. Looking ahead, the company will leverage internationalization and digital-intelligent transformation as its core drivers to provide more efficient and high-quality services to Chinese innovative pharmaceutical enterprises. With the support of all stakeholders, we are confident that Bonacia will steadily advance toward a broader and brighter future.””

Co-Stone Capitalstated: “We are delighted to finalize this investment partnership with Bonacia. As a representative clinical CRO serving innovative drug R&D, Bonacia has accumulated extensive project experience in therapeutic areas such as oncology and autoimmune diseases, demonstrating scientific and efficient operational management as well as strong growth momentum. Pharmaceutical innovation is gaining momentum; we remain steadfast in our original aspiration and committed to diligent progress. We look forward to Bonacia continuing to serve more domestic and international clients, and we will accompany the company in its shared growth!”

Mr. Hao Bixi, Co-founder of Kinghall Venturesstated: “As a leading domestic clinical CRO specializing in innovative drugs, Bonacia has accumulated extensive clinical research experience in the fields of oncology, autoimmune diseases, and vaccines. Kinghall Ventures is highly optimistic about Bonacia’s operational efficiency and future growth potential. Following this strategic investment, Kinghall Ventures will fully integrate industrial resources to continuously empower Bonacia, helping the company become a top-tier clinical CRO with international competitiveness.”

Zhang Chen, Partner at ROBE CAPITAL“It is of great significance for Chinese clinical CROs to expand into global markets. As the number of innovative drugs in China continues to grow, an increasing number of them are planning for global registration. Clinical CROs with international service capabilities and a deep understanding of Chinese innovative pharmaceutical companies will be more likely to become the preferred partners for pharmaceutical enterprises. As a leading representative company in this field, Bonacia has accumulated extensive experience in multiple therapeutic areas, including oncology, autoimmune diseases, metabolism, respiratory disorders, and ophthalmology. We look forward to the company continuing to serve more global clients.”

Co-Stone Capital is one of China’s earliest venture capital and private equity firms, with cumulative assets under management exceeding RMB 60 billion. In the fields of hard technology, life sciences and healthcare, and emerging industries, it has cultivated and nurtured a cohort of industry leaders and segment champions.

Kinghall Ventures is a professional investment institution focused on the healthcare sector. Its founder possesses over 25 years of experience in the medical industry and successfully established KingMed Diagnostics, China’s largest third-party medical laboratory. Headquartered in Guangzhou with a nationwide presence, Kinghall Ventures will continue to make in-depth investments in growth-stage and mature enterprises within the fields of in vitro diagnostics, life science tools, innovative medical devices, and new drug development. By building an industrial ecosystem and leveraging the synergy between industry and capital, the firm aims to cultivate healthcare companies with international competitiveness.

ROBE CAPITAL was founded in 2017 as a boutique investment bank specializing in healthcare and life sciences. Its business lines encompass financial advisory, direct investment, industry consulting, and innovation incubation. The founding team hails from leading private equity firms, financial advisory institutions, management consulting companies, and vertical healthcare media outlets. Since its inception, ROBE CAPITAL has consistently completed double-digit private financing and M&A transactions annually, with cumulative deal value reaching tens of billions of RMB. In terms of value-added services for portfolio companies, the ROBE CAPITAL team possesses extensive and mature industry expertise. In 2020, the ROBE New Healthcare Fund was established and has since invested in multiple leading companies within the sector.