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VMS Group invests $190 million in China-based Chime Biologics

VMS Group invests $190 million in China-based Chime Biologics
VMS Group invests $190 million in China-based Chime Biologics

Chime Biologics, a China-based CDMO, has recently secured a $190 million investment in total commitment from institutional investors, apart from the nearly $100 million investment closed recently. This funding round was led by VMS Group and other investors namely Panacea Venture and Fidelity International.

In early 2020, the organization had bagged $125 million in its Series A financing round. For the record, it has built the 1st GE KuBio modular bio-manufacturing plant in the world, located in Wuhan’s Bio-Lake Biotech Industry Development Zone of China. Through this facility, it has been providing one-stop integrated solutions to cater to the needs of the evolving biopharmaceutical industry, such as early drug developments and clinical & commercial cGMP production.

Moreover, with an aim to meet the accelerating customers’ demand for CDMO services, Chime Biologics has entered the 2nd phase of facility expansion to boost its total manufacturing capacity to above 140,000L over the next five years.

According to Chime Biologics’ Executive Chairman, Mr. James Huang, the successful completion of the latest funding round will facilitate its capacity expansion. The company is planning to leverage its high-quality system as well as commercial-scale manufacturing capabilities to consistently serve the biologics market in China and meet the robust demand for 1st-class CDMO services.

As per the statement made by VMS Group’s Head of Healthcare and Managing Director, Mr. Andrew Ng, the company is aware of the appreciable manufacturing track record and rapidly-increasing customer base of Chime Biologics. It is also planning to strategically support the organization in surging business and production to become a leading CDMO player in China and across the globe.

Dr. John (Xianfang) Zeng, Chime Biologics’ CEO, has reportedly stated that the company is thrilled to have secured funding from the institutional investors. These funds are expected to be used in scaling up its advanced technology platforms to better serve customers.

Source credit:

https://www.prnewswire.com/news-releases/chime-biologics-announced-the-completion-of-us190-million-series-a-financing-to-accelerate-capacity-expansion-301256113.html

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Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.