Biotechnology

Hasten raised $315 million for the acquisition and development of the pipeline

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CBC Group, Asia’s largest specialty healthcare investment firm headquartered in Singapore, and Hasten Biopharmaceutic Company Limited, have completed a $315 million fundraising round for Hasten.

Hasten is a Chinese biopharma company backed by CBC, Hefei Industry Investment Group and Feidong County of Hefei City.

The fundraising round was co-chaired by CBC and the Abu Dhabi sovereign wealth fund, Mubadala Investment Corporation, with participation from other institutional investors. Proceeds will be used to fund future acquisitions and the development of innovative pipeline asset businesses.

Fu Wei, CBC’s chief executive officer, said Hasten had “tremendous growth potential.”

The company reported sales growth of 47% from Q2 to Q4 in 2022.

Accelerate potential synergies

“We are confident that an attractive initial assessment, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders,” said Fu Wei.

“We look forward to deepening our relationship with Hasten and leveraging the synergies between Hasten and our other portfolio companies to further strengthen our strong, world-class healthcare ecosystem.”

Summer Xia, chief executive officer of Hasten, added: “The accumulated results will catalyze our growth and expansion plans to become China’s leading healthcare company in chronic and age-related diseases, as well as acute and severe diseases, and realize our vision of providing patients with follow-up treatment to improve their quality of life. Through organic growth and future acquisitions, we aim to continue to create significant commercial synergies with our existing portfolio and bring more valuable healthcare solutions to the majority of patients, as well as create a healthcare management ecosystem in China.”

The latest round of fundraising follows Hasten’s acquisition of mainland China’s exclusive rights to five cardiovascular and metabolic drugs from Takeda Pharmaceutical Company Limited in March 2022. Hasten has also established a late-stage business development pipeline, creating synergies with its current commercial platform to better support the company’s growth.

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