LePure Biotech Closes Series C Financing Co-Led by Novo Holdings, General Atlantic, and Goldman Sachs Asset Management
SHANGHAI, Jan. 17, 2023 /PRNewswire/ -- Shanghai LePure Biotech Co., Ltd. ("LePure") announced the completion of its Series C financing from a consortium of world-renowned investors co-led by Novo Holdings, General Atlantic and Goldman Sachs Asset Management, with participation from existing investors including Highlight Capital, Bayland Capital, HM Capital. LePure plans on using this funding to accelerate product innovation, promote overseas expansion, and enhance the Company's competitiveness in global industrial chain.
LePure is a leading bioprocessing platform in China, offering full-fledged product solutions that enable the manufacturing of macromolecular drugs. With significant progress made in basic materials R&D, product development and manufacturing capacity expansion, LePure is well positioned to capture industry growth opportunities on the back of therapeutic innovation. LePure recently completed its acquisition of QuaCell Biotechnology, a cell culture media company, broadening product suite to bioprocessing consumables, bioreactors, filtration and purification solutions, as well as cell culture media offerings.
Frank Wang, co-founder and CEO of LePure Biotech, said, "Biopharmaceutical upstream processing consumables play an important role in biological drugs R&D and production. Since its establishment, LePure Biotech has remained committed to building innovation capabilities by improving drug development efficiency, ensuring stable and secure pilot phase production and supporting the commercial launches of new drug products. We are excited to collaborate with global investors like Novo Holdings, General Atlantic and Goldman Sachs Asset Management. With the start of this new chapter, LePure will continue to focus on technological innovation and enhancing our global competitiveness to best serve our customers."
Dr. Amit Kakar, Senior Partner and Head of Novo Holdings Asia commented: "LePure Biotech is an emerging star in the global bioprocessing space. Novo Holdings is excited to become LePure Biotech's partner as the Company continues to gain strong momentum and profound recognition in the industry. This investment is deeply rooted within our deep expertise in the life science industry globally, and we look forward to working with LePure Biotech to play an integral role in the global pharmaceutical supply chain by offering high quality solutions and become one of the most trusted bioprocessing companies in China and globally."
Lefei Sun, Managing Director and Head of Healthcare for China at General Atlantic, said, "Single-use bioprocessing consumables and equipment have significant market prospects in China. Since its establishment in 2011, LePure has not only enjoyed a first-mover advantage, but has also created formidable technical barriers for its competitors. The LePure team has a deep understanding of the global biopharmaceutical industry value chain, is positioned to quickly respond to market demands and shows strong expansion potential in international markets."
Kevin Xu, a Managing Director leading healthcare and life science investments in Greater China at Goldman Sachs Asset Management, said, "Single-use bioprocessing has become widely adopted by biopharma companies globally given its operating efficiencies and rising demand for flexible manufacturing. We look forward to leveraging our global platform and capabilities to support LePure's expansion."
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