25.01.2023 • NewsJohnson & JohnsonBiopharma

GenScript Raises $224 Million in Fresh Capital

In its third fundraising round in less than two years, Hong Kong-listed globally active CDMO giant GenScript Biotech has netted a fresh $224 million capital injection for its biologics subsidiary ProBio, which was officially launched under that name in 2020.

In a securities filing, GenScript, originally founded in the US in 2002 by Chinese principals, said the money will go toward building up manufacturing capacity and investment in further R&D development, with some cash reserved for acquiring assets to develop its CDMO business.

The latest effort was supported by GenScript’s majority shareholder, Chinese venture capital fund Legend Capital in addition to major backer Hillhouse Investment, which also played a major role in the last round.

Huatai Securities, GF Securities and China's Industrial Bank also participated in ProBio's series C share issue, along with several other Chinese state-backed funds, the GenScript filing showed.

© shutterstock/hidsey
© shutterstock/hidsey

Over the past several years, Genscript has made rapid strides toward becoming a leading player in the China’s gene and cell therapy market, thanks in major part to its fundraising success.

The just completed $224 million C-Series raise follows a $150 million Series-A raise in September 2021, backed by Hillhouse and other investors who contributed to a $37 million Series B increase in early 2022.

GenScript subsidiary Legend Biotech partnered with Johnson & Johnson’s biopharma arm, Janssen Biotech, on the development of the CAR-T cell therapy Carvykti, which last year was approved  by the US Food and Drug Administration (FDA) to treat multiple myeloma.

Author: Dede Williams, Freelance Journalist

Free Expert Insights

Dual‑Targeting Breakthroughs
Advancements in Bispecific Antibody Development

Dual‑Targeting Breakthroughs

Unlock the latest breakthroughs in bispecific antibody development! Download Wiley’s free Expert Insights eBook to explore cutting-edge dual-targeting strategies, advanced purification methods, and bioanalytical technologies transforming immunotherapy and cancer treatment.

Virtual Event

Digitalization in the Chemical Industry
CHEManager Spotlight

Digitalization in the Chemical Industry

Save the Date: October 22, 2025
The event will be promoted to a combined audience of over 100,000 professionals across Europe through the CHEManager and CITplus networks.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.