Viva Biotech Holdings Group reported that Viva Shanghai, the primary entity for Viva Biotech’s CRO business, successfully raised nearly $150 million through the transfer of approximately 24% of its equity interest to Temasek, HLC, and True Light.

The listed entity of Viva Biotech secured proceeds of approximately $60 million through such financing. The transaction also unveiled the company’s future plan to spin off its CRO business for separate listing in the A-shares market.

According to the company, based on its structure-based drug design (SBDD) strategy, Viva Biotech has achieved remarkable growth in its CRO drug discovery and development business through its continuous effort throughout the years. In particular, Viva Biotech has established its global position in the biopharmaceutical industry with its development in the field of protein structural analysis.

Since its listing, Viva Biotech has successfully completed the mergers and acquisitions of SYNthesis and Langhua Pharmaceutical and achieved synergy effects in the construction of an integrated platform for the research, development, and manufacturing of CRO and CDMO products.

Cheney Mao, Chairman and CEO of Viva Biotech, said, “It is our great honor to introduce renowned strategic investors who will furnish and enhance our key strategic decisions and long-term investment and financing plans. Despite the recession in investment and financing, we are able to secure investment from established institutions, by virtue of our pioneering spirit and continuous innovation in the past. This demonstrates the market’s recognition of our business foundation and confidence in our development prospect. Furthermore, the commitment to our goal of A-shares listing and the valuation premium from A-shares compared to HK stock market will facilitate the financing needs for our future development. in addition, our plan to increase executive share ownership and provide Employee Stock Ownership Plan (ESOP) to the core team members will revitalize Viva and open up new opportunities for our long-term growth.”