HONG KONG - China's Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, the biopharmaceutical firm said on Tuesday.
Apart from Platinum Orchid, a subsidiary of the United Arab Emirates' biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China Life's private equity arm - China Life Private Equity Investment - and Cinda Kunpeng (Shenzhen) Investment Management Co., Ltd, Taibang said in a statement.
Taibang makes and sells plasma products and was previously known as China Biologic Products Holdings, as per the statement.
The proceeds will be used to finance its expansion of plasma stations and its research and development of new products, the statement said.
The deal marks Taibang's first equity financing transaction since the completion of its privatisation in April last year by a consortium led by Chinese private equity firm Centurium Capital.
(Reporting by Julie Zhu Editing by Mark Potter)