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Mubadala co-leads $315m fundraising for Chinese firm

Computer, Computer Hardware, Computer Keyboard Hasten
The proceeds will be used to fund future acquisitions and business development of pipeline assets of Hasten

Singapore-based healthcare investment firm CBC Group and Abu Dhabi sovereign fund Mubadala Investment Company have completed a $315 million fundraising round for Hasten Biopharmaceutic Company.

The proceeds will fund future acquisitions and business development of pipeline assets, CBC said in a statement.

Mohamed Albadr, head of Mubadala’s China office, said they will build a biopharma platform that provides high-quality and accessible healthcare products to critical care patients in China.

Summer Xia, CEO of Hasten, said that the proceeds raised will catalyse the firm’s growth and expansion plans to become China’s top healthcare company in chronic and age-related acute and severe diseases.

This latest fundraising round follows Hasten’s acquisition of the Chinese mainland rights for five cardiovascular and metabolism drugs from Takeda Pharmaceutical Company Limited in March 2022. 

Headquartered in Singapore, CBC Group has assets under management of over $7 billion. 

Earlier this week M42, a joint venture between G42 Healthcare and Mubadala Health, made its first investment by acquiring Diaverum, a global renal care service provider.