QL Biopharm raises ~$45M Series C extension led by Cathay Capital

What's the deal? QL Biopharm has raised nearly US$41.3M in a Series C extension round, the company announced on September 14. Cathay CapitalDealroom has a profile for this one. Try Dealroom → led the round, with Huatai Zijin joining and existing backers Tencent and Lichen InvestmentDealroom has a profile for this one. Try Dealroom → adding to their stakes.

Who's backing it? The round brings together corporate and financial investors, including strategic backer Tencent, which returned alongside Lichen Investment to increase its holding.

The signal: Continued participation from repeat investors, paired with new capital from Cathay Capital and Huatai Zijin, points to sustained interest in Chinese biopharma despite a tighter fundraising climate.

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