GenScript and Probio Close Series A Financing with Investment from Hillhouse
Shanghai – Paul Hastings LLP, a leading global law firm, announced today that it has represented GenScript Biotech Corporation (“GenScript”) (HKEX Stock Code: 1548.HK) and its indirect wholly-owned subsidiary Probio Technology Limited (“Probio”) in a Series A financing transaction with investment from the private equity firm Hillhouse Capital Group (“Hillhouse”). Hillhouse subscribed minority equity interest in Probio for US$150 million, with a warrant to purchase additional shares for US$125 million.
GenScript is an industry leading biotechnology company renowned for its proprietary gene synthesis technology and advanced know-hows in life-science research and application. Probio and its subsidiaries strive to help biopharmaceutical and biotech companies accelerate their development of therapeutic antibodies, and gene/cell therapy products. Probio, through its integrated platform, provides end-to-end gene and cell therapy development and biologics discovery and development services to pharmaceutical, biotech, government and academic customers worldwide. Proceeds from the Series A financing are intended to be used to support the operation of Probio’s main business and to build up its Good Manufacturing Practice (GMP) manufacturing capacity as well as to fund Probio’s research and development capabilities.
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