China's State Development and Investment Corporation has picked up an 18.6% stake in Sihuan Pharmaceutical’s drug development spinoff, Xuanzhu Biopharmaceutical.
Xuanzhu Biopharmaceutical, a China-based drug developer spun off by pharmaceutical group Sihuan Pharmaceutical, collected RMB800m ($116m) in series A funding yesterday.
Chinese government-owned private equity fund manager State Development and Investment Corporation (SDIC) provided the entire amount in return for an 18.6% stake in Xuanzhu.
Founded in 2002, Xuanzhu has built a pipeline of potential treatments for diabetes, metabolic diseases, male reproductive conditions, disorders affecting the digestive system and infectious diseases, through its drug development platform.
The company became a…
