Proceeds raised will be used to fund future acquisitions, and fuel business development of innovative pipeline assets
SINGAPORE, April 20, 2023 /PRNewswire/ -- CBC Group ("CBC"), Asia's largest healthcare-dedicated investment firm headquartered in Singapore, and Hasten Biopharmaceutic Company Limited ("Hasten"), today jointly announced the completion of a US$315 million fundraising round for Hasten. Hasten is an innovation-driven pharmaceutical company backed by CBC, Hefei Industry Investment Group, and Feidong County of Hefei City.
The fundraising round was co-led by CBC and Abu Dhabi sovereign wealth fund, Mubadala Investment Company, with participation from other institutional investors. Proceeds will be used to fund future acquisitions and business development of innovative pipeline assets.
Fu Wei, Chief Executive Officer of CBC, said, "Hasten is a well-established Chinese biopharma company with tremendous growth potential. The firm reported 47% growth in sales from Q2 to Q4 in 2022, which is testament to CBC's unique and effective investor-operator strategy. We are confident that the attractive entry valuation, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders."
"We look forward to deepening our relationship with Hasten and tapping the synergies between Hasten and our other portfolio companies to further strengthen our robust and world-class healthcare ecosystem", he added.
Mohamed Albadr, Head of Mubadala's China office, added, "We are excited to partner with CBC and Hasten to build a leading biopharma platform focused on providing high quality, reputable and accessible healthcare products to critical care patients in China."
Summer Xia, Chief Executive Officer of Hasten, commented, "The proceeds raised will catalyse our growth and expansion plans to become China's leading healthcare company in chronic and age-related diseases, and acute and severe diseases, and realise our vision of providing patients with advanced treatments to improve their life quality. Through organic growth and future acquisitions, we aim to continue creating significant commercial synergies with our existing portfolios and bring more valuable healthcare solutions to the majority of patients, as well as create a health management ecosystem in China."
This latest round of fundraising follows Hasten's acquisition of the Chinese-mainland exclusive rights for five cardiovascular and metabolism drugs from Takeda Pharmaceutical Company Limited in March 2022. Meanwhile, Hasten has been building a robust innovative late-stage business development pipeline, creating synergies with its current commercial platform to further support the company's growth.
About CBC Group
Headquartered in Singapore, CBC Group is Asia's largest healthcare-dedicated asset management firm, with an AUM of over US$7 billion. CBC Group is focused on platform-building, buyout, private credit, venture, and real estate, across the healthcare space, including pharmaceutical, biotech, medical technology, and healthcare services. We are committed to creating lasting value by integrating global innovations and talents. Partnering with the world's top entrepreneurs and scientists, our unique "investor-operator" approach has empowered leading healthcare companies to widen access to affordable medical care, catalyse innovations, and improve efficiency in fulfilling unmet medical needs worldwide.
For more information on CBC Group, please visit www.cbridgecap.com.
Connect with us on LinkedIn (CBC Group).
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala's $284 billion portfolio spans six continents with interests in multiple sectors and asset classes. The company leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
For more information about Mubadala Investment Company, please visit: www.mubadala.com
About Hasten Biopharmaceutic Co., Ltd.
Hasten Biopharmaceutic Company Limited ("Hasten") is an innovation-driven pharmaceutical company. Adhering to our core values of integrity, agility, innovation, and accountability, we are committed to providing high-quality healthcare solutions to serve our key stakeholders, creating an ecosystem to provide better care for patients with chronic diseases, and ultimately achieve the goal of becoming a healthcare industry leader.
For more information on Hasten, please visit www.hastenpharma.com.
Connect with us on LinkedIn (Hasten).
