Week In Review: Concord Medical Raises $240 Million For China Radiology Services

Concord Medical Services (NYSE: CCM) announced that CICC Capital led an investment of between $238 million and $286 million in Concord’s subsidiary Beijing Meizhong Jiahe Hospital Management (see story). The investors will hold 37.5% to 41.9% of Meizhong Jiahe's equity after the investment. Concord Medical Services Holdings Limited provides radiotherapy and diagnostic imaging services within public hospitals or in standalone medical centers, almost entirely in China.  

CMAB Biopharma of Suzhou announced a Series B of $34 million led by CDBI Partners, with C-Bridge Capital, Cormorant, Qianhai FoF Fund and Tigermed participating (see story). The funds will be used to equip a GMP manufacturing facility compliant with China, US, EU and ICH standards. Three months ago, CMAB raised $38 million in a Series A funding led by C-Bridge Capital and BioBAY Park.The facility will contain production, purification and injection filling lines with reactors varying from 50L to 2000L, aiming to provide CDMO services for global clients in Phase I/II trials.  

Terns Pharma, a California-Shanghai startup, in-licensed global rights to three Lilly (NYSE: LLY) small molecule candidates aimed at non-alcoholic steatohepatitis (NASH) (see story). Terns has its operations in Shanghai and will initially target China approval of the three candidates, with global development to follow. One year ago, Lilly Asia Ventures made an initial $30 million investment in Terns, though the company did not announce the funding until now. Terns focuses on oral, molecularly targeted, small molecule drugs to treat liver disease and cancer.  

Frontage Laboratories, a Pennsylvania-Shanghai pre-clinical CRO, acquired Concord Biosciences of Cleveland, Ohio for an undisclosed price (see story). Concord, also a pre-clinical CRO, offers expertise in pharmaceuticals, agricultural, chemical and animal health. Frontage said the acquisition will allow it to offer a complete set of services to pharma clients, while adding agricultural products to its offerings. In 2014, Hangzhou Tigermed Consulting (SHZ: 300347), a clinical-stage CRO, paid $50 million for a 70% equity interest in Frontage.  

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