Shanghai LePure Biotech has completed its Series B+ round of financing raising ‘hundreds of millions of US dollars’.
New investors who poured in fresh capital in the round include Asia’s leading private equity firm Hillhouse Capital, TMT and healthcare-driven New Alliance Capital, as well as HM Capital.
Legend Capital, which had earlier infused ‘tens of millions of US dollars’ in LePure’s Series B round in April this year, made a follow-on investment in the company.
Besides tapping new products, LePure plans to invest the proceeds to set up an R&D centre in the US and develop overseas teams in terms of sales and marketing, operation and product innovation.
LePure plans to begin raising capital in its Series C round next year.
With its headquarters in Shanghai, LePure was co-founded in 2011 by Sunxing Qin and Feng Wang who have had had stints at Merck Millipore. The company produces single-use bioprocess equipment.
Last year, LePure built a factory spanning 10,000 square metres to spruce up its manufacturing capacity, and now a new factory for equipment and applications is undergoing.
LePure claims to have served over 500 clients in the country’s biopharmaceutical industry in 2020. Apart from China, the products by LePure are exported to countries such as Peru, Singapore, South Korea, Germany, among others, according to its official website.
In the middle of the COVID crisis this year, LePure provided safe supports for coronavirus vaccines that consist of single-use bags, fluid management devices, assembly systems.