Vaccine developer Varnotech has secure 600 million yuan ($84 million) in a Series B funding round co-led by Beijing Pharmaceutical; and Healthcare Industry Investment Fund, a 20-billion-yuan ($2.8 billion) fund set up by Beijing State-owned Capital Operation and Management Company.
The round, also led by Huayin Financial Investment, a subsidiary of state-owned Taizhou Huaxin Pharmaceutical Investment, saw the participation of China-focused investment firms including Watere Capital, Shunxi Venture Capital, and 3E Bioventures, among others, according to a release.
The proceeds will be used to accelerate the clinical trials of the firm’s zoster and influenza vaccines as well as the construction of a vaccine production facility.
Founded in 2019, the Beijing-based firm previously secured 130 million yuan ($20.4 million) in a Series A financing round led by life sciences- and healthcare-dedicated firm Fontus Capital in March 2021.
Greater China’s biotech and pharmaceutical firms secured a total of $5.3 billion in investments through 261 transactions in 2023, according to DealStreetAsia’s proprietary data. The funding went down 19.4% compared to 2022 when around $6.6 billion was raised via 270 deals.
