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RecBio is a high-tech enterprise jointly founded by the former vaccine R & D expert team from the Chinese Center for Disease Control and Prevention (China CDC) and the senior vaccine industrialization team.
The company has established a leading domestic R & D and innovation platform for new adjuvants, genetic engineering, and immune evaluation.

News | RecBio completed series B round financing

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  • Time of issue:2020-11-11
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(Summary description)Following the completion of CNY 500 million series A round financing in early 2019, Jiangsu Rec-Biotechnology Co., Ltd (hereinafter referred to as RecBio) recently completed its series B round financing with an amount of over USD 100 million.

News | RecBio completed series B round financing

(Summary description)Following the completion of CNY 500 million series A round financing in early 2019, Jiangsu Rec-Biotechnology Co., Ltd (hereinafter referred to as RecBio) recently completed its series B round financing with an amount of over USD 100 million.

  • Categories:Company Trends
  • Author:
  • Origin:
  • Time of issue:2020-11-11
  • Views:0
Information

Following the completion of CNY 500 million series A round financing in early 2019, Jiangsu Rec-Biotechnology Co., Ltd (hereinafter referred to as RecBio) recently completed its series B round financing with an amount of over USD 100 million.

This round of financing exceeded USD 100 million, including dual-currency investments in CNY and USD, providing the company with diverse options to enter the capital market in the future. This round was jointly invested by domestic and foreign well-known venture capital institutions, including Legend Capital, LYFE Capital, Sequoia Capital China, Vertex Ventures, Haitong Capital, Co-Stone Capital, YuanBio Venture Capital, Qingsong Capital, and Everbright Limited, as well as the previous investors, including the fund from Oriental Fortune Capital, Shenzhen Fer-capital Investment, and Ningbo Haojin Zhitong. This financing will mainly fund the construction of the industrialization base for the company's key products, clinical trials of 9-valent HPV vaccines and recombinant COVID-19 vaccines, R&D of subsequent product pipelines, construction of core technology platforms, and international expansion of the corporate business.

Founded in Taizhou Medical High Tech Zone in 2012, and with the advanced management concept relying on international team and vision, RecBio has been committed to R&D innovation and industrialization of genetically engineered vaccines for major diseases. Our company boasts the world's top-class innovation and R&D technology platforms for protein engineering and new adjuvant technology, and has strong process development and scale-up capabilities. In addition, our company has also built a complete quality system to support its mass production and is building a future-oriented industrialization base.

 

Through years of hard work in the early stage, RecBio has already developed multiple product lines with market capacity of tens of billions represented by HPV vaccines series, recombinant herpes zoster vaccines, tuberculosis vaccines, and recombinant COVID-19 vaccines at different stages of development. Many follow-up innovation platforms and series of products are also gradually being developed. On May 18, 2020, the construction of industrialization project production base was started, with a total planned area of 81947 square meters (122.92 Mu: a Chinese unit of area). The first phase (designed construction area of 50,000 square meters) will have an annual production capacity of 5 million doses of 9-valent HPV vaccines after completion. The whole project is expected to start trial production in October 2023 and be officially put into operation in 2024. Regarding the COVID-19 vaccines, RecBio has established cooperation with Jiangsu Provincial Center for Disease Control and Prevention, being the first one in Jiangsu Province to launch the R&D of recombinant COVID-19 vaccines project. The total investment of the project will be no less than CNY 500 million, with a designed construction area of 17,000 square meters, mainly constructing the production workshop for stock solution of COVID-19 vaccines, sub-packaging workshop, new adjuvant workshop, quality testing center and other supporting facilities. The project is expected to be completed and put into operation in the first quarter of 2021, with an expected capacity of 100 million doses and no less than 150 new jobs. The herpes zoster vaccine project belongs to a new generation of genetically engineered subunit vaccine. There have been significant breakthroughs in all key technical barriers with RecBio's stable and efficient mammalian cell expression platform and innovative adjuvant platform.

 

Liu Yong, Chairman of RecBio, said:" We are very grateful to Legend Capital, LYFE Capital, Sequoia Capital China, Vertex Ventures and other Series B round investors for their recognition of RecBio's Business and the RecBio team! My team and I are touched and encouraged by the frankness and professionalism of all the new and existing investors that have contributed to the successful implementation of this financing! More importantly, through this round of financing, a shared mission, vision and values have united the entrepreneurial team with new and existing investors. As a high-tech company co-founded by a team of former national CDC vaccine experts and a senior team in vaccine industrialization, RecBio has been committed to using technology to improve human health since its foundation. After 9 years of development, RecBio has established leading R&D and innovation platforms in China for new adjuvants, genetic engineering and immune evaluation, etc., and has rolled out a series of blockbuster vaccine product lines such as 9-valent HPV vaccines, recombinant COVID-19 vaccines, recombinant herpes zoster vaccines, tuberculosis vaccines for adult, and new generation HPV vaccines. It is now stepping up the construction of the industrialization base for HPV vaccines and COVID-19 vaccines. The total investment of the RecBio's series B round financing exceeds CNY 1.5 billion, including a capital increase of more than USD 100 million, which greatly enhances the company's financial strength while improving its corporate governance, and will further accelerate the industrialization of recombinant COVID-19 vaccines and HPV vaccine series, as well as the plan of subsequent product lines. The high-quality resources brought by investors will also greatly boost the international expansion of RecBio. With this round of financing, RecBio has entered a brand new phase of development."

 

After the completion of this round of financing, RecBio will continue to leverage its R&D-driven advantages and move towards the goal of creating full value across a broader spectrum of major diseases, further accelerating its pace of industrialization and internationalization.

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