Biocytogen Closes $79M Series D Funding
On August 2019, Beijing Biocytogen Co., Ltd. (“Biocytogen”) announced the closing of its Series D funding of $79M (RMB 543M). This round of financing was jointly led by investment giants China Life Healthcare Fund and SDIC Venture Capital Co., Ltd., and has demostrated continued participation from Series C investors CMB International and 3E Bioventures. Biocytogen announces the proceeds raised will be directed towards market expansion, product and service development, and construction of new antibody production facilities.
Biocytogen was founded in Boston in 2008 by chairman Dr. Yuelei Shen and was later established in Beijing in 2009 as a comprehensive biotechnology company. Since then, Biocytogen has evolved as an integrated biologics CRO that is capable of providing one-stop services in biopharmaceutical preclinical research and development.
As the research and development of new drugs is a lengthy and risky process, pharmaceutical R&D companies often opt for establishing strategic partnerships with integrated CROs to undertake co-development. In order to adapt to changes in customer demand and speed up the development of new drugs, CROs around the world have begun implementing and integrating the cutting-edge technologies of new drug research and development to strengthen their service capabilities.
“Biocytogen is committed to creating a one-stop R&D service platform that will provide a full range of R&D services to biopharmaceutical companies around the world,” Shen said. “Over the past 11 years, Biocytogen has grown from a company that provides gene-targeting services for animal models, into the one that produces animal disease models and offers preclinical efficacy, toxicity, pharmacokinetics & pharmacodynamics services as well. To round up the integrated process for drug development, Biocytogen has further expanded into the therapeutical antibody R&D and CMC services, thus helping customers to speed up the drug development process.”
Biocytogen has gradually established a vertically integrated service chain that covers all stages of the preclinical discovery of new drugs, from the earliest concept to IND. Apart from its services, Biocytogen is also able to help customers fill gaps in their R&D processes through its unique antibody R&D service platform.
While pursuing vertical integration along the industry chain, Dr. Shen remains resolute on the future positioning of the company. He shared that, “Biocytogen has always been serving novel drug R&D companies since its establishment. In the future, Biocytogen will continue to provide products and services for creative drug R&D companies around the world. We will persist in achieving win-win outcomes through services and cooperation, and will never compete with our own customers.”
Biocytogen was founded in Massachusetts and now has established subsidiaries and branches in Beijing, Shanghai, Haimen in Jiangsu, and Boston in the USA. “We have been always positioning ourselves as a company that is ‘rooted in China with a global reach,’” Shen said.
In 2018, Biocytogen repositioned its Boston subsidiary as a strategic foundation to expand into overseas markets. Biocytogen’s overseas business has witnessed significant expansion in recent years. Shen added, “our strategic cooperation with multinational pharmaceutical companies such as Merck, Takeda, EMD and Sanofi, have gradually shifted Biocytogen from a service supplier to a participant in core drug R&D, taking our R&D services to much higher levels.”
Regarding the recent round of funding, China Life Private Equity Investment Co., Ltd. managing director Mr. Leidi Zhang stated, “as a leading company in the biomedical CRO industry in China, Biocytogen has continued its R&D investment for many years. With its focus on the creation of a one-stop R&D service platform and development of a best-in-class platform for fully humanized antibodies from mice, we believe Biocytogen will be able to offer a full range of research and development services to biopharmaceutical companies across the world.”
Dr. Shen expressed in a statement that he was very grateful for the support and trust of shareholders and was delighted to welcome them into the Biocytogen family. “We believe that the closing of the Series D financing will facilitate the rapid development of Biocytogen and propel the company to much greater heights.”