China’s Taibang Biologic Group has raised $300 million in a new funding round led by sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, according to a company’s statement.
ADIA invested in Taibang Biologic through its subsidiary Platinum Orchid. News investors include state-owned China Life’s private equity arm — China Life Private Equity Investment — and Cinda Kunpeng (Shenzhen) Investment Management Co.
Founded in 2002, Taibang Biologic is one of the leading Chinese biopharmaceutical companies that provides a comprehensive range of plasma-derived products.
The company’s core business includes the development, manufacture and sale of plasma-derived products and other biopharmaceutical products.
Taibang possesses leading international technology, one of the largest manufacturing capacities for plasma-derived products in Asia and world-class R&D capabilities.
The proceeds will be used to finance its expansion of plasma stations and R&D of new products.
This $300-million funding round is Taibang’s first equity financing transaction since the completion of its privatisation in April last year by a consortium led by Chinese private equity firm Centurium Capital.
Recently, Reuters reported that GIC is bracing for muted investment returns and expects little respite from runaway inflation that has forced central banks around the world to tighten policy.
Last year, China’s green technology player, Envision Group, raked in over $1 billion in strategic investments from Sequoia Capital, GIC and Primavera Capital.
Earlier, GIC’s indirectly-owned subsidiary RECO Investor partnered with Hong Kong-based ESR Cayman Limited and Dutch pension fund manager APG Asset Management to launch a new logistics development platform in China.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
ADIA, the UAE’s biggest sovereign wealth fund, considers China and India as its key growth drivers. It said in its 2019 annual review that it sees China and India as key drivers of global economic growth, and climate change and data centres as investment opportunities.