Strengthening and expanding drug discovery, preclinical GLP toxicology and GMP chemical synthesis services
IRVINE, Calif. and BEIJING-February 24, 2011 - Pharmaron Holding Limited today announced that it has closed a Series C financing round totaling more than $40 million from existing investors DCM, Legend Capital and others, along with new investor GL Capital Group. Pharmaron will use the new capital to strengthen and expand its drug discovery services offerings, preclinical GLP toxicology capabilities and GMP chemical synthesis services.
Pharmaron provides pharmaceutical and biotech companies from around the world with high-quality R&D services, including discovery chemistry, biology, , in vivo pharmacology, GLP bioanalytical services, GLP toxicology and pharmaceutical development and manufacturing. Pharmaron, in particular, has substantially expanded its capability and capacity in the area of integrated drug discovery and development services in recent years. Pharmaron also successfully integrated U.S. FDA GLP-compliant toxicology expertise in 2010 and became the first CRO in China to provide truly integrated drug discovery and development services from discovery to IND.
Pharmaron Chairman and CEO Dr. Boliang Lou commented, "We are pleased to have the continued confidence and strategic partnership of our existing and new investors in Pharmaron. This additional capital funding will allow Pharmaron to strengthen and expand drug R&D service capacities and capabilities, to better serve our partners. Recently, the pharmaceutical and biotech industry has undergone fundamental changes as it has responded to increased productivity demands. Building long-term partnership with CROs has become part of many pharmaceutical and biotech companies' corporate strategy."
The worldwide market for CRO services is estimated to reach $27 billion in 2011 with a CAGR of 15 percent, according to a 2010 report by Frost & Sullivan.
"Pharmaron has a proven track record in the CRO industry, providing highly dynamic access to scientific expertise and customer services when and where it is needed by pharmaceutical and biotechnology organizations." said Mr. Jeffrey Li, Founding Partner of GL Capital Group and former CEO of Novartis China. "Our strategic investment in Pharmaron will boost Pharmaron's service capability and capacity to serve the pharmaceutical and biotech industry better, which in turn will add additional value to all the stakeholders involved."