Chime Biologics Announced the Completion of US$190 Million Series A+ Financing to Accelerate Capacity Expansion

2021-03-26 08:00 2401

WUHAN, China, March 26, 2021 /PRNewswire/ -- Chime Biologics, a China-based, world-class CDMO company, announced today that it has secured a total commitment of US$190 million investment from institutional investors, and over $100 million investment has already been closed today. This round of financing was led by VMS Group, followed by Fidelity International and Panacea Venture. Previously Chime Biologics had just completed its Series A round financing of US$125 million in early 2020.

Chime Biologics has built the world's first GE KuBio modular bio-manufacturing facility in Wuhan Bio-Lake Biotech Industry Development Zone of China (China Optics Valley). The facility complies with global quality standards of ICH, FDA, EMA and NMPA. With its state-of-the-art facility and rich experience in bio-manufacturing, Chime Biologics provides one-stop integrated solutions to support the dynamic needs of the rapidly evolving bio-pharmaceutical industry from early drug development to late stage clinical and commercial cGMP production. Since 2016 Chime Biologics has been maintaining a success rate of 100% in bio-manufacturing and providing various customers with top-quality biopharmaceutical products.

Site-1 (Phase I plant in use)
Site-1 (Phase I plant in use)

In order to meet the increasing demands for CDMO services from various customers, Chime Biologics has already started the second phase of its facility expansion to increase the total manufacturing capacity to more than 140,000L within the next 5 years.

Site-2 (Phase II plant under construction)
Site-2 (Phase II plant under construction)

"The successful completion of this financing round will further accelerate the capacity expansion process of Chime Biologics," said Mr. James Huang, the Executive Chairman of Chime Biologics. "With the rapid growth of China's biologics market and the surging demand for CDMO service, Chime Biologics will further leverage on its world-class quality system and commercial-scale manufacturing capabilities to continue providing our customers worldwide with first-class CDMO services."

Mr. Andrew Ng, the Managing Director and Head of Healthcare of VMS Group said, "We are very impressed by the manufacturing track record and fast-growing customer base of Chime Biologics. With our investment and strategic support,we strongly believe Chime Biologics could expand its production and business rapidly, and become one of the leading CDMO players both in China and the global arena in the near future."

"It is the great honor of Chime Biologics to have the trust and recognition from internationally renowned institutional investors. We will continuously build up advanced technology platforms and more capacities to better serve our customers, and also welcome biologics partners from all over the world to come here, exchanging experiences and seeking for developments together," said Dr. John (Xianfang) Zeng, CEO of Chime Biologics Limited.

About Chime Biologics

Chime Biologics is a world-class CDMO with operations in China that provides customer-centric and cost-effective outsourcing services for biopharmaceutical development and manufacturing. Its world's first GE KuBio facility is located at Wuhan's Bio-Lake biotech industry development zone of China, with clear path to expand the total capacity up to 140,000+ liters in the near future. Chime Biologics is ISO 14001:2015 and ISO 45001:2018 certified, and is committed to uphold the highest degree of integrity. Since 2016 Chime Biologics has been providing customers with clinical materials for pre-clinical and clinical stages globally and supporting their production at various scales from 50L, 200L, 500L to 2,000L across IND-enabling studies to late-stage process development, scale-up, process characterization and process performance qualification. Since then, Chime Biologics has been providing clinical supply to over 20 countries worldwide.

About VMS Group

VMS Group is a leading multi-strategy financial group, providing asset management (private equity, real estate and structured finance), brokerage and corporate finance advisory services. VMS Private Equity specializes in growth capital, with a focus on China-related investments in healthcare, technology, media, telecom (TMT) and consumer sectors. VMS healthcare practice focuses on the next innovative companies around the globe that could resolve unmet clinical needs across medical treatment, diagnosis and general health management. As of today, VMS Group has successfully completed more than 100 investments both onshore in China and offshore around the world since inception, and currently manages total assets in excess of USD 3.8 billion .

About Fidelity International

Fidelity International offers investment solutions and services and retirement expertise to more than 2.5 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 countries and with $706.3 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.

About Panacea Venture

Panacea Venture is a science-focused venture capital firm focusing on investing in and incubating early stage life science companies with disruptive and breakthrough technologies and discoveries that can potentially address huge unmet medical needs and enhance quality of life. Our investment is focused and precise.We take very hands-on approach to our portfolio companies, often acting as members of the founding team. Also we bring in significant experience, expertise, resource, and network. Panacea Venture manages both USD fund and RMB fund, and has an operation office in Shanghai, China. Our investment teams are located in Europe, US and China covering most major life science hubs.

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Source: Chime Biologics