C-Bridge Capital Leads $35M New Round In Ascletis

Chinese pharmaceutical start-up Ascletis has completed RMB220 million (US$35 million) new round of financing led by C-Bridge Capital, according to a company announcement.

Chinese drug maker Tasly Pharmaceutical and Singapore-based Pavilion Capital also participated in the round, which values the company at US$300 million before the round’s completion.

The proceeds from this financing will be used to expand Ascletis’ pipeline, strengthen global development capabilities and enhance GMP commercial manufacturing, says the company.

As part of the deal, Wei Fu, CEO of C-Bridge will join the board of the company.

Ascletis is a biotechnology company dedicated to developing new treatments for infectious diseases and cancer.

The company has three operation sites, including Hangzhou and Shaoxing in China, as well as North Carolina in the U.S.