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JHL Biotech, a China-Taiwan biosimilar company, placed $106 million in convertible bonds in a financing led by VMS Investment Group, a Hong Kong PE firm. The round was joined by existing shareholders. JHL will allocate its new capital to support clinical trials and further development of its biosimilar portfolio. Earlier this year, JHL completed a voluntary de-listing of its Taiwan shares, a transaction that allowed shareholders to retain ownership of their holdings. The company is expected to conduct a $250 million IPO in Hong Kong later this year. More details....

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Brii Bio, a China-US startup, raised $260 million in initial capital to bring innovative drugs to China. So far, Brii has options on China rights to four biotech infectious disease assets from Vir of San Francisco. Brii, which plans to combine partnerships, R&D and digital/big data, will use WuXi AppTec and WuXi biologics for development of its projects, rather than building its own facilities. The funding was led by ARCH Venture Partners, 6 Dimensions Capital, Boyu Capital, Yunfeng Capital, Sequoia Capital and Blue Pool Capital. More details....

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Grail, a Hong Kong-US oncology diagnostics company, announced a $300 million C financing. Since early 2016, Grail has raised over $1.5 billion. The company is sequencing large populations of people -- some with cancer, some without -- to discover an early blood-based diagnostic test for cancer. Grail was spun out of Illumina, the gene sequencing company. Ally Bridge Group led the financing. Hillhouse Capital and 6 Dimensions Capital co-led the round. In 2017, Grail merged with Cirina, a Hong Kong cancer diagnostics company, which was co-founded by Dennis Lo, DM, DPhil, an early scientific leader in the field of molecular diagnostics. More details....

Stock Symbol: (NSDQ: ILMN)

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WuXi Biologics will build a $240 million CDMO facility in Shijiazhuang, the capital of China's northern Hebei province. The new facility is an addition to WuXi Biologics' existing CDMO facilities in Shanghai and a $392 million biologics CDMO facility in Ireland, announced last month. WuXi said the Shijiazhuang facility, which will employ 1,000 people, will be operational in 2020. More details....

Stock Symbol: (HK: 2269)

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WeDoctor, an online healthcare platform, closed a $500 million pre-IPO funding at a $5.5 billion valuation. WeDoctor, which is part of TenCent, China's giant internet company, is expected to list on the Hong Kong exchange later this year with a goal of raising $1 billion. The latest round was led by AIA Group, a medical insurance company, and NWS Holdings. AIA will become the preferred insurance provider for the site. More details....

Stock Symbol: (HK: 0700)

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