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Abu Dhabi’s Mubadala Investment Company and CBC Group co-led a $315 million funding round in innovation-driven pharmaceutical company Hasten Biopharmaceutic Company.
The fundraiser has attracted participation from other institutional investors, the CBC said. Hasten Biopharmaceutic plans to use the proceeds of the new financing round to fund future acquisitions and business development of innovative pipeline assets.
Mohamed Albadr, Head of China Investment Programs at Mubadala, said: “We are delighted to partner with CBC and Hasten to build a leading biopharmaceutical platform focused on providing high quality, reputable and accessible healthcare products to critical care patients in China. “
According to its website, Hasten was founded in 2020 and is focused on developing medicines for chronic, age-related and acute diseases. The latest funding round follows the biopharmaceutical startup’s $322 million acquisition in March 2022 of exclusive rights to five cardiovascular and metabolic drugs in mainland China from Takeda Pharmaceuticals.
Summer Xia, CEO of Hasten, said: “The funds raised will advance our growth and expansion plans to become a leading healthcare company in China for chronic and age-related diseases as well as acute and serious diseases, and realize our vision of bringing advanced treatments to patients improve their quality of life.”
Hasten is supported by the CBC, Hefei Industrial Investment Group and Feidong County, Hefei City. The company has been building a strong innovative late-stage business development pipeline, generating synergies with its current commercial platform to further support the company’s growth.
Healthcare investments in Mubadala
The round, meanwhile, is Mubadala’s latest investment in aesthetic medicine and life sciences, as state investors have been ramping up healthcare investments to diversify their portfolios.
read: M42 acquires Bridgepoint’s dialysis company Diaverum
Earlier this week, Mubadala healthcare business M42 acquired Bridgepoint Group’s European chain of dialysis clinics, Diaverum, to create the largest healthcare company in the Middle East. While financial details of the deal were not disclosed, sources told Bloomberg the deal values ​​Diaverum at between $2 billion and $2.5 billion.
The acquisition of Diaverum significantly expands M42’s global geographic footprint, enabling it to launch relevant healthcare services and health technology solutions in new markets, while further strengthening its kidney care offerings in the Gulf Cooperation Council (GCC).
Mubadala created M42 earlier this month by merging its healthcare assets with those held by Abu Dhabi artificial intelligence firm G42 Group. M42’s extensive portfolio includes Imperial College London Diabetes Centre, Danat Al Emarat, HealthPoint Hospital, Omics Center of Excellence and National Reference Laboratories, among others.
Mubadala, which manages $284 billion in assets, is among those considering backing Singapore-based healthcare investment firm CBC as it launches a new fund targeting Middle Eastern healthcare assets. The region’s broader sovereign wealth funds have also shown enthusiasm for investing in the healthcare sector.
read: Abu Dhabi’s Mubadala launches tech healthcare firm with G42
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