Chinese drugmaker Hasten Biopharmaceutic Co. has raised $315 million in a new funding round, led by CBC Group, an Asian health-care focused investment firm, and Abu Dhabi’s Mubadala Investment Co.
(Bloomberg) — Chinese drugmaker Hasten Biopharmaceutic Co. has raised $315 million in a new funding round, led by CBC Group, an Asian health-care focused investment firm, and Abu Dhabi’s Mubadala Investment Co.
Other institutional investors also participated in Hasten’s private fundraising, according to a company statement on Thursday. The firm said it plans to use the proceeds to help fund acquisitions and business development of innovative assets in the pipeline.
Founded in 2020, Hasten focuses on developing drugs to treat chronic, age-related and acute diseases, according to its website. The drugmaker is backed by CBC, Hefei Industry Investment Group and the Feidong county of Hefei city. The latest funding round follows Hasten’s purchase of the exclusive rights of five cardiovascular and metabolism drugs in China from Takeda Pharmaceutical Co. for $322 million last year.
Hasten will continue to grow organically and via acquisitions as it seeks to generate synergies with its existing assets, its Chief Executive Officer Summer Xia said in the statement.
Based in Singapore, CBC Group has more than $7 billion of assets under management. Mubadala manages $284 billion in assets and has been stepping up health-care investments to diversify its portfolio. It is among parties looking to back CBC Group as it sets up a new fund targeting health-care assets in the Middle East, Bloomberg News reported last month. In 2021, a CBC Group-led consortium inked a deal to buy a 46.9% stake in Seoul-listed cosmetic pharmaceutical company Hugel Inc. for about 1.7 trillion won ($1.3 billion). Mubadala was also part of the bidding group.
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