Global life science investor Novo Holdings is backing research product provider Sangon Biotech in a $290 million financing that will help the China-based company diversify its portfolio and expand internationally.
Novo Holdings—responsible for managing the assets and the wealth of the Novo Nordisk Foundation—is joined by GL Capital, CPE, Greenwoods Asset Management, Huagai Capital, CDB Venture, China Merchant Health and other smaller investors.
The new money will let Sangon—a leading provider of life science tools and services in China—to continue broadening its portfolio, accelerate R&D activities and talent development, and grow geographically. The company, which has nearly 30 years operating under its belt, markets itself toward scientists performing research across China. The organization offers products and services related to DNA synthesis; R&D substances and consumables; genetic sequencing; and protein- and antibodies-related products.
Sangon touts 47 manufacturing buildings across China and a customer base made up of over 7,000 academic institutions and more than 40,000 biopharma and medtech companies.
Novo Holding’s investment in Sangon is an “important milestone” in the development of the Danish company’s regional ambitions for Asia, Amit Kakar, M.D., senior partner and head of Novo Holdings Asia, said in an Aug. 17 release.