China's pharmaceutical firm Hasten Biopharmaceutic has raised $315 million in a fundraising round co-led by Asia's largest healthcare investment firm CBC Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company.

In a statement issued on Thursday, the company said it will use the proceeds to fund acquisitions and business development of innovative pipeline assets.

Other institutional investors also took part in the fundraising, according to the statement, without disclosing the identity of those investors.

The latest round of fundraising follows Hasten's acquisition of exclusive rights for five cardiovascular and metabolism drugs in China from Takeda Pharmaceutical Company last year.

Shanghai-based Hasten was established and jointly invested by CBC, Hefei Industry Investment Group and Feidong County, Hefei City, in 2020, according to its website.

"The proceeds raised will catalyse our growth and expansion plans to become China's leading healthcare company in chronic and age-related diseases, and acute and severe diseases," CEO Summer Xia said in the statement.

Headquartered in Singapore, CBC's focus ranges from pharmaceuticals to biotech and it currently has over $7 billion in assets under management, the statement said.

(Reporting by Echha Jain in Bengaluru; editing by Savio D'Souza and Jason Neely)