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2021-08-20| Asia-Pacific

GenScript’s Biotech Unit, ProBio Bags $150 Million in Series A from Hillhouse Capital

by Joy Lin
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ProBio Cayman, a subsidiary of Hong Kong-listed GenScript Biotech Corporation, has struck a $150 million Series A investment deal with private equity firm Hillhouse Capital Group, according to a filing made to the Hong Kong Stock Exchange by parent company GenScript on Thursday.

The deal comes in two parts. As per the agreement, ProBio will first issue 300 million Series A preferred shares (with a combined value of around $150 million) to Hillhouse. The investor stands to gain 17.05% ownership of ProBio following the deal.

Hillhouse will also possess the right to purchase another 189.4 million shares (combined value: around $125 million) from ProBio. This could potentially boost its stake in ProBio to 20.68%.

 

Confident Investor Backing

This is all good news for GenScript’s ProBio. The contract development and manufacturing organization (CDMO) was originally established as the parent’s Biologics Development Business Unit in January 2019. ProBio’s platform services cover therapeutic antibodies and gene & cell therapy. The company promises to help clients accelerate drug development from discovery to commercialization, a straight flush from target to market.

Using the influx of cash, ProBio will expand its Good Manufacturing Practice (GMP) manufacturing capacity and enhance its R&D platform in order to develop its existing business.

This is not the first time Hillhouse has signaled interest in GenScript’s businesses. Earlier in mid-May, Genscript raised over $1 billion from Hillhouse Capital in several different investments. This included a $500 million commitment to GeneScript’s Legend Biotech, a subsidiary advancing CAR-T cell therapy.

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