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Shanghai ZhenGe Biotech Raises USD 100 million Round C Led by Goldman Sachs Asset Management and Sofina

Shanghai ZhenGe Biotech Raises USD 100 million Round C Led by Goldman Sachs Asset Management and Sofina

SHANGHAI, CHINA - 11 January 2022 - Shanghai ZhenGe Biotech Co., Ltd. (“ZhenGe Biotech” or “the Company”) announced the completion of round C financing of US $100 million, led by Goldman Sachs Asset Management and Sofina. Also investing were Novo Holdings A/S, Qiming Venture Capital, IDG Capital, LYFE Capital, Junxin Capital and Cowin Capital.

The proceeds from Round C will be used to strengthen ZhenGe Biotech’s global R & D capabilities and expand its Good Manufacturing Practice (“GMP”) manufacturing capacity to better meet demand from domestic and international clients. To date, the Company has raised a total of US$225 million.

ZhenGe Biotech provides one-stop Contract Development and Manufacturing Organization (CDMO) services and offers end-to-end solutions to help customers discover, develop, and manufacture biologics from concept to commercialization. To date, the Company has served more than 100 biopharma and biotech customers and has completed over 150 projects, ranging from cell line development projects to Investigational New Drug (IND) applications and large clinical phase production contracts. Over the years, ZhenGe Biotech has developed deep expertise across monoclonal and bispecific antibodies, Antibody Drug Conjugates (ADC), fusion proteins and vaccines.

ZhenGe Biotech integrates advanced cell culture platform, metabolite analysis platform, recombinant protein analysis platform and customized medium development and production platform for customers to improve titer yield and quality. In addition, ZhenGe Biotech provides advanced analytical services, including Analytical Ultra-centrifugation (AUC) to help customers with overseas drug approval applications.

In addition to R&D Centers across Shanghai and Maryland, USA, ZhenGe Biotech has a 10,000 ㎡ GMP pilot production center in the Lingang Special Area of China (Shanghai) Pilot Free Trade Zone (FTZ), a GMP medium production line with an annual output of 200 tons of dry powder, and a commercial manufacturing base with three 2,000L and three 5,000L bioreactors, which are currently under construction.

ZhenGe Biotech also focuses on Environmental, Social and Governance (ESG) responsibilities as an integral part of its strategy, and strives to create positive impact by adhering to high Environment, Health and Safety standards while adopting next-generation manufacturing technologies and cleaner energy sources.

Mr. Jianxin Chen, Chairman and CEO of ZhenGe Biotech said: “We are excited to have global investors like Goldman Sachs Asset Management, Sofina and Novo Holdings lead the current round of financing, and we thank them for their support. Round C proceeds will be used to strengthen our R&D and build multiple 15,000L production lines, which will enable ZhenGe Biotech to deliver cost-effective and high-quality solutions for meeting growing demand from existing and new customers.”

  “Against the backdrop of a large and fast-growing global biologics market, we see continued innovation in drug development being propelled by regulatory policy and capital formation. We expect the outsourcing rate for macromolecular drug development to grow as innovative players start to face capacity and talent constraints. We are excited by the solutions that ZhenGe can offer to its clients, as well as its deep knowhow in up-and-down stream processes to help arrive at viable cell lines,” said Kevin Xu, a Managing Director at Goldman Sachs Asset Management, who focuses on the firm’s healthcare and life science investment efforts in China. Mr. Xu is now a member of the Company’s Board of Directors.

Sofina Head of China Loi Xiao-Tian and Investment Manager Lim Yizhen shared: “We are delighted to support ZhenGe which has been on a rapid growth trajectory given its strong combination of deep technical expertise and commitment to providing its customers with industry leading manufacturing and process excellence in the development and production of affordable and innovative therapeutics. We are confident that ZhenGe will continue to be trusted partner of choice for both new and existing customers and are excited to embark on a long-term partnership with ZhenGe.”

 Dr. Amit Kakar, Senior Partner and Head of Novo Holdings Asia said: “ZhenGe Biotech is one of the fastest growing Biologics CDMO fulfilling a large unmet need by its high quality, end to end services driven by an industry leading team. Novo Holdings is very excited to partner with them in enabling their domestic and international growth strategy.”

About Goldman Sachs Asset Management Growth Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing $2.37 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

About Sofina

Sofina is a family-owned and run investment company listed on Euronext Brussels, managing its own assets that represent ca. €10 billion. Sofina aspires to be the preferred partners of entrepreneurs and families who lead growing companies by backing them with patient capital and supportive advice. As part of its Sofina Growth investment style, it takes minority ownership positions, typically in the €15 to 50 million range. Common vision and strong alignment of interests with its partners are paramount in the deployment of the strategy. For more information, visit

About Novo Holdings A/S

Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.

Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information:

About ZhenGe Biotech

Shanghai ZhenGe Biotech was founded in 2017. ZhenGe Biotech's core business is macromolecular biological drug CDMO service, mammalian cell culture medium development and production, etc. Specifically, its services include: macromolecule developability analysis, cell line development, process development and optimization, pilot production, clinical sample production and commercial CMO services, process characterization and validation research, drug analysis services, cell culture medium formulation development and commercial production, etc.

Further information

Marie-Louise Jersin, Senior Communications Partner

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Last Updated: 12-Jan-2022