Clifford Chance advises Yisheng Biopharma on royalty-backed financing by CBC Group

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1 April 2022

Clifford Chance advises Yisheng Biopharma on royalty-backed financing by CBC Group

Leading international law firm Clifford Chance has advised Yisheng Biopharma Co., Ltd. on its US$40 million royalty-backed financing from R-Bridge Healthcare Fund, a subsidiary fund of healthcare-focused CBC Group. The transaction marks the first royalty-backed financing in China's biopharmaceutical industry. The transaction is non-dilutive and will help the existing shareholders and management team of Yisheng Biopharma preserve the value their equity interests.

The deal was led by partners Maggie Lo and Fang Liu, supported by registered foreign lawyer Jitr Vilaivongse and legal assistant Agnes Tse.

Maggie said, "We are honoured to assist Yisheng Biopharma on this market-first transaction, which further demonstrates our deep sector expertise supporting the growth of the most innovative companies in the flourishing biotech sector."

Founded in 1994, Beijing-headquartered Yisheng Biopharma is a global, fully integrated biopharmaceutical company that leverages its proprietary immunomodulating technology PIKA to develop, manufacture and commercialise immunotherapeutic drugs and vaccines intended for the treatment of cancers and infectious diseases.

高伟绅助力依生生物制药获得康桥资本旗下基金特许费支持融资

国际领先律师事务所高伟绅助力依生生物制药有限公司（“依生生物”）完成4,000万美元特许费支持（royalty-backed）融资，本轮融资的投资方为康桥资本(CBC Group)旗下专注医疗健康领域的子基金瑞桥信贷基金（R-Bridge Fund）。该交易是中国生物制药行业的首单特许费支持投资。本次交易不会稀释依生生物的股权，有利于依生生物现有股东和管理层团队的股权保值。

高伟绅香港办公室合伙人劳凯欣和方刘律师牵头负责本次交易，外国注册律师Jitr Vilaivongse和律师助理谢颖熙提供支持。

劳凯欣律师表示：“我们很荣幸能够协助依生生物完成这一业内首创的交易，本次交易彰显了高伟绅深厚的行业专知，能够支持蓬勃发展的生物技术行业中创新企业的成长。”

依生生物是一家总部位于北京的国际化生物制药公司，基于新型PIKA皮卡®免疫调节技术，专注于抗肿瘤和抗感染类创新疫苗及生物制品的研究、开发及商业化经营。