Oriza Seed Venture Capital, Boyu Capital and WuXi Healthcare Ventures have invested RMB975 million (US$150 million) in CStone Pharmaceuticals Co., Ltd, a bio-pharmaceutical company devoted to developing new treatments for various major diseases.
This is the company’s series A round. At the same time, CStone announced that Frank Jiang, a former pharmaceutical executive most recently as head of Asia-Pacific R&D at Sanofi, will become the company’s new CEO, according to a company announcement.
"This unique investment demonstrates Boyu’s long term commitment to the thriving biotech industry in China," says Yanlin Cao, managing director of Boyu Capital.
Founded in Shanghai and Suzhou, CStone is a research-based bio-pharmaceutical company with pipelines covering oncology, cardiovascular diseases, rheumatoid arthritis, hematology and autoimmune diseases.
The company focuses on immuno-oncology, which means utilizing patients’ immune systems to help fight cancer.
Oriza Seed Venture Capital is a unit of Suzhou Oriza Holdings Ltd.
Boyu Capital is a Chinese private investment firms with strong government ties operating from offices in Beijing and Hong Kong.
WuXi Healthcare Ventures is a Chinese cross-border venture capital firm focused in the life sciences and healthcare, with offices in Shanghai and Cambridge, Massachusetts.