Eddingpharm (Cayman) Inc., a Shanghai and Hong Kong-based specialty pharmaceutical marketing company focused on in-licensing, marketing and distributing hospital pharmaceutical products in the China market, closed a US$24m Series B financing.
The round was co-led by OrbiMed Advisors Caduceus Asia Partners Fund and Domain Associates, with participation from Sequoia Capital China Growth Fund.
The financing will be used primarily for in-licensing of drugs from suppliers across the globe and co-development of new prescription drugs for sale in China, as well as to seek potential M&A opportunities.
The company is focused on medical nutrition and oncology therapeutic areas marketing products through its 23 district offices reaching over 1000 hospitals in China.
In conjunction with the transaction, both Dr. Nancy T. Chang, Chairman and Senior Managing Director of OrbiMed’s Caduceus Asia Partners Fund, and Dr. Brian Halak, partner at Domain Associates, will join the board of Eddingpharm.
William Blair & Company, LLC acted as placement agent for the transaction.