Sequoia Capital, Vertex Ventures join Chinese biotech startup’s $226m series B round

Chinese biotech firm RecBio announced it has raised 1.5 billion yuan (US$226.6 million) in a series B round led by Legend Capital and Lyfe Capital.

Photo credit: Iurii Golub / 123RF

Sequoia Capital and Temasek’s Vertex Ventures also participated in the fundraise. Other investors include China’s HT Capital, Co-Stone Asset Management, Yuanbio Venture Capital, Qingsong Capital, and China Everbright Limited.

Along with the investment, RecBio will also gain access to Legend Capital’s medical ecosystem, said Richard Li, the VC firm’s managing director and chief investment officer.

Founded in 2012, RecBio focuses on the development and commercialization of genetically engineered vaccines for major diseases.

The company said that its products, which include human papillomavirus (HPV) vaccines, recombinant zoster vaccine, tuberculosis vaccine, and recombinant Covid vaccine, are in the research and development stage.

Jiangsu-based RecBio will use the capital injection to build a base for the industrialization of its major products and to conduct clinic tests of the 9-valent HPV vaccine and recombinant Covid vaccine. The startup is also looking to further develop its product and expand its business to the global market.

Last year, the company raised 500 million yuan (US$75.5 million) in a series A round from CR Capital Management, Oriental Fortune Capital, and CMB International Capital.

Currency converted from Chinese yuan to US dollar: US$1 = 6.62 yuan.