UAE – Mubadala Investment Company, a Sovereign Wealth Fund located in Abu Dhabi, has its hands in Hasten Biopharmaceutic’s US$315 million funding round.
This news comes as Mubadala and G42 agreed to pool resources and form a new single entity with specific strategic goals operating under the brand name M42.
Mubadala supported the Chinese firm in its close of the fundraising round alongside Asia’s largest healthcare-dedicated asset management firm CBC Group and additional institutional investors.
Existing shareholders continue to support the pharmaceutical company with additional equity funding, including Hefei Industry Investment Group and Feidong County of Hefei City.
Backed by a fresh US$315 million fundraising round, Hasten Biopharmaceutic is set to venture into value-creating acquisition strategies.
“Through organic growth and future acquisitions, we aim to continue creating significant commercial synergies with our existing portfolios,” the company stated.
The Shanghai-based drugmaker will use the fresh funds to accelerate the business development of innovative pipeline assets through acquisitions.
It aligns with the firm’s vision of providing life-transforming treatments to patients in China to improve their quality of life by accelerating late-stage projects’ progress.
Hasten aims to promote the popularization of correct health knowledge, focus on the needs of doctors and patients, bring more innovative solutions to Chinese patients, and protect the health of the people.
“We aim to bring more valuable healthcare solutions to the majority of patients, as well as create a health management ecosystem in China,” claimed Hasten.
The company outlined that the proceeds raised will catalyse its growth plans to become China’s leading healthcare company in chronic and age-related diseases, and acute and severe illnesses.
Additionally, it builds on the Chinese biopharma company’s tremendous growth potential following its strong set of operational and financial results for the 2022 fiscal year.
This Mubadala-backed financing comes as Hasten acquired exclusive rights for five cardiovascular and metabolism drugs in China from Takeda Pharmaceutical Company in 2022.
Under the terms of the acquisition, Hasten bought the Chinese Mainland-exclusive rights of Ebrantil, Edarbi, Basen, Blopress, and Actos.
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