Chinese CRO listed on Shenzhen exchange, raises $170M

Chinese CRO R&G PharmaStudies was recently listed on the ChiNext of the Shenzhen Stock Exchange, raising 1.18 billion yuan ($170 million).

The company, which is a large CRO in the country, issued 15 million shares.

R&G PharmaStudies, which boasts about 750 customers that include foreign drugmakers, offers clinical trial operations, clinical trial site management services, biological sample testing services, data management and other services.The push behind the listing was Legend Capital, which led a series A round of R&G PharmaStudies in the second half of 2017.

Legend recently participated in a $150 million series E fundraising round for Eli Lilly-backed CRO ClinChoice, which expects to use the money to fund growth through acquisitions and internal expansion.