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- Zhenge Biotech
Zhenge Biotech Valuation, Funding & Investors
Zhenge Biotech is valued at $138M as of August 2022.
Last Zhenge Biotech valuation
$138M
Series C · Aug 2022
Last Zhenge Biotech funding round
$15M
Series C · Aug 2022
Cumulative funding Zhenge Biotech raised
$236M
across 4 funding rounds
Key investors in Zhenge Biotech
IDG Capital
Qiming Venture Partners
Cowin Capital
LYFE Capital
Korea Investment Partners
Novo Holdings
Zhenge Biotech Overview
About Zhenge Biotech
Zhenge Biotech is a Chinese contract development and manufacturing organization focused on macromolecular pharmaceuticals.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$138M (Aug 2022)
Zhenge Biotech Valuation
Zhenge Biotech is currently valued at $138M, based on its Series C in August 2022.
The $15M round included Sinopharm-CICC, Shanghai Pudong Science and Technology Investment and High Hope Group.
Zhenge Biotech valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Series C | $138M |
Zhenge Biotech Funding History
Zhenge Biotech has raised a total of $236M across 4 funding rounds.
Zhenge Biotech's first fundraising round was a $51M Series A in March 2020. The most recent completed round was a $15M Series C in August 2022.
Zhenge Biotech funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series C | Sinopharm-CICC; Shanghai Pudong Science and Technology Investment; High Hope Group | $15M | $138M | Shanghai ZhenGe Biotech (Zhenge Biotech), founded in 2017 and based in Shanghai, China, provides CDMO services for macromolecular biologics, including drug developability analysis, cell line development, process development and optimization, and pilot production, along with mammalian cell culture media development and production. Zhenge Biotech has raised approximately $100 million in total funding and employs 201-500 people. The company completed a Series C - II round on August 18, 2022, raising $14.7 million from investors including Lingang Lanwan Fund, Pudong Innotec (Shanghai Pudong Science and Technology Investment), Sinopharm CICC, and Zhangke Herun. This followed a Series C round in January 2022 raising $100 million led by Goldman Sachs Asset Management and Sofina, with a valuation of $839 million at that time. |
| Jan 2022 | Series C | Goldman Sachs Asset Management (lead); Sofina (lead); Novo Holdings; IDG Capital; Qiming Venture Partners; LYFE Capital; Junxin Yingtai Investment; Cowin Capital | $100M | - | Shanghai ZhenGe Biotech Co., Ltd. completed a Series C financing round of $100 million in January 2022, led by Goldman Sachs Asset Management and Sofina, with participation from Novo Holdings A/S, Qiming Venture Capital, IDG Capital, LYFE Capital, Junxin Capital (also referenced as Junxin Yingtai Investment), and Cowin Capital. This round brought the company's total capital raised to $225 million. ZhenGe Biotech is a biologics contract development and manufacturing organization (CDMO) specializing in macromolecule biopharmaceutical services, offering advanced cell culture platforms, metabolite analysis, recombinant protein analysis, and customized medium development and production. The company also provides analytical services including Analytical Ultra-centrifugation (AUC) to support customers with overseas drug approval applications. ZhenGe operates facilities in Shanghai and Maryland, with Chairman and CEO Jianxin Chen leading the company since its founding in 2017. The Series C proceeds were allocated to strengthen research and development capabilities and build multiple 15,000-liter GMP production lines to meet growing domestic and international demand for CDMO services spanning discovery, development, and manufacture of biologics. The company positioned itself within a large and fast-growing global biologics market, where outsourcing rates for macromolecular drug development were expected to increase as innovative pharmaceutical companies faced capacity and talent constraints. |
| Mar 2021 | Series B | IDG Capital (lead); Qiming Venture Partners (lead) | $70M | - | Shanghai ZhenGe Biotechnology Co., Ltd. (Zhenge Biotech), founded in 2017 by Chen Jianxin, is a contract development and manufacturing organization (CDMO) specializing in macromolecule biopharmaceutical services, including mammalian cell culture medium development and production, cell line development, and end-to-end solutions from concept to commercialization for biologics like monoclonal antibodies, bispecific antibodies, ADCs, fusion proteins, and vaccines. The company has served over 100 biopharma customers, completed more than 150 projects including IND applications and clinical production, and operates facilities in Shanghai (10,000㎡ GMP pilot, 200-ton medium line) and Maryland, USA, with a commercial base under construction featuring 2,000L and 5,000L bioreactors. In March 2021, Zhenge Biotech raised approximately $70 million in its Series B round co-led by IDG Capital and Qiming Venture Partners, bringing total funding to $125 million. Subsequent rounds included a $100 million Series C in January 2022 led by Goldman Sachs Asset Management and Sofina, with participation from Novo Holdings, Qiming Venture Partners, IDG Capital, LYFE, GT Capital, and Cowin Capital. |
| Mar 2020 | Series A | LYFE Capital (lead); IDG Capital; Korea Investment Partners; Cowin Capital; GT Capital; Shanghai International Group (SIG) | $51M | - | Shanghai Zhenge Biotech (also referred to as Zencore Biologics in some sources), founded in 2017, is a Chinese company providing end-to-end CDMO services for macromolecular biological drugs, including monoclonal and bispecific antibodies, antibody drug conjugates, fusion proteins, and vaccines, along with development and production of culture medium formulas. It operates facilities in Shanghai, including a 10,000-square-meter pilot production center, a GMP medium production line with 200 tons annual dry powder output, and a commercial manufacturing base under construction with multiple bioreactors, plus plans for a US innovation center. In March 2020, Zhenge Biotech completed a $51 million Series A financing round led by LYFE Capital, with participation from IDG Capital, Tongchuang Weiye (likely GT Capital), KIP Capital (Korea Investment Partners), Junxin Capital, and Guofang Master Fund (potentially linked to Shanghai International Group). The proceeds were allocated to talent acquisition, R&D center expansion, GMP production facility construction in Shanghai's Lingang New Area pilot free trade zone (covering biological drug pilot/commercial production, media GMP, and ADC pilot facilities), and establishing a US innovation center. Jones Day acted as legal adviser, and Instant Capital as financial adviser. The company demonstrated operational traction with existing production capabilities and expansion plans. Subsequent funding included a $100 million Series C in January 2022 led by Goldman Sachs Asset Management and Sofina, with Novo Holdings, Qiming Venture Partners, IDG Capital, LYFE Capital, GT Capital, Junxin Capital, and Cowin Capital, bringing total fundraising to $225 million by then, used for R&D and additional 15,000-liter production lines. Zhenge operates in the competitive Chinese CDMO market alongside players like WuXi AppTec. |
Who has invested in Zhenge Biotech?
14 investors have backed Zhenge Biotech across its funding rounds, including IDG Capital, Qiming Venture Partners, Cowin Capital, LYFE Capital, Korea Investment Partners and Novo Holdings.
Lead investors include Goldman Sachs Asset Management, Sofina, IDG Capital, Qiming Venture Partners and LYFE Capital.
Zhenge Biotech Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2020 | ||
| 2 | Lead | Mar 2021 | ||
| 2 | Lead | Mar 2020 | ||
| 2 | Participant | Mar 2020 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Aug 2022 | ||
| 1 | Participant | Mar 2020 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Aug 2022 | ||
| 1 | Participant | Aug 2022 | ||
| 1 | Participant | Mar 2020 | ||
| 1 | Participant | Mar 2020 | ||
This data is available for Pro users. Sign up to see all 14 Zhenge Biotech investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialZhenge Biotech Competitors
Zhenge Biotech competitors include listed companies like Genovis, Binex, Mycenax Biotech and Selvita, and private ones like KineMed and INCOG BioPharma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $13M | $4M | $140M | 8.5x | ||
| Publicly listed | $123M | $9M | $145M | 1.6x | ||
| Publicly listed | $23M | ($4M) | $147M | 0.6x | ||
| Publicly listed | $96M | $17M | $124M | 1.7x | ||
| Private | - | - | $121M | - | ||
| Private | - | - | $168M | - |
Zhenge Biotech Public Comps
Zhenge Biotech is still privately-owned, but its public comps include Genovis, Binex, Mycenax Biotech, Selvita, BRIM Biotechnology, Lifecore Biomedical, Euroapi, Nanoform, Prestige Biologics and Savior Lifetec.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $13M | $4M | 9.4x | 8.5x | 30.3x | 29.9x | |||
| $123M | $9M | 1.7x | 1.6x | 23.9x | 61.8x | |||
| $23M | ($4M) | 7.5x | 0.6x | (39.8x) | - | |||
| $96M | $17M | 1.7x | 1.7x | 9.9x | 9.3x | |||
| $172K | ($14M) | 552.2x | 589.9x | (6.9x) | - | |||
| $129M | ($9M) | 2.8x | 3.3x | (40.5x) | 17.9x | |||
| $982M | ($80M) | 0.4x | 0.4x | (4.8x) | 6.6x | |||
| $4M | ($18M) | 19.4x | 15.4x | (4.5x) | (6.2x) | |||
This data is available for Pro users. Sign up to see all Zhenge Biotech competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zhenge Biotech
| When was Zhenge Biotech founded? | Zhenge Biotech was founded in 2017. |
| Where is Zhenge Biotech headquartered? | Zhenge Biotech is headquartered in Shanghai, China. |
| Is Zhenge Biotech publicly listed? | No, Zhenge Biotech is a private, VC-backed company. |
| What is Zhenge Biotech's valuation? | Zhenge Biotech was last valued at $138M in its Series C in August 2022. |
| How much funding has Zhenge Biotech raised? | Zhenge Biotech has raised $236M across 4 funding rounds. |
| What was Zhenge Biotech's last funding round? | Zhenge Biotech's last funding round was a $15M Series C in August 2022. |
| Who are Zhenge Biotech's investors? | Zhenge Biotech's investors include IDG Capital, Qiming Venture Partners, LYFE Capital, Cowin Capital, Novo Holdings, Sinopharm-CICC, Korea Investment Partners, Junxin Yingtai Investment, Shanghai Pudong Science and Technology Investment, High Hope Group and 4 others. |
| Which companies are comparable to Zhenge Biotech? | Companies comparable to Zhenge Biotech include Genovis, Binex, Mycenax Biotech, Selvita, KineMed and INCOG BioPharma. |
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