Date
18 October 2017
China's healthcare market for children is expected to climb 10.1 percent by 2017. Photo: Bloomerg
China's healthcare market for children is expected to climb 10.1 percent by 2017. Photo: Bloomerg

GC-Rise gets US$15 mln funding from OrbiMed

GC-Rise Pharmaceutical Co. Ltd., a Chinese pharmaceutical company, said Thursday that global healtcare investor OrbiMed Advisors LLC has pumped US$15 million into its latest round of fundraising.

OrbiMed manages more than US$11 billion of assets, including several private equity and venture capital funds, hedge funds and mutual funds.

Proceeds from the fundraising will be used to strengthen the drug company’s commercial activities, expand its product portfolio and develop its online-to-offline platform dedicted to women’s and children’s health.

“The expertise and experience of OrbiMed will help us broaden our product offering and enhance our product pipeline to meet market demand and strengthen our global partnerships,” chief executive Wren Zhang said in a statement.

GC-Rise has a cornerstone investor Inventages, a major global healthcare venture capital fund in Europe. Yifang Venture Capital is also an investor.

The healthcare market for Chinese women is expected to grow 18.2 percent to US$94 billion by 2017 while that for children is estimated to expand 10.1 percent over the same period, GC-Rise said.

China has introduced a pilot scheme that allows foreign investors to establish hospitals in Beijing, Tianjin, Shanghai, Jiangsu, Fijian, Guangdong and Hainan without domestic partners.

The foreigners can acquire existing hospitals or set up new ones, the National Health and Family Planning Commission said in a statement on Wednesday.

– Contact the reporter at [email protected]

RA

Ayishah Ma is a financial reporter on Greater China issues.

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