March 26, 2021 -- China-based contract development and manufacturing organization (CDMO) Chime Biologics has secured $190 million to finance the second phase of its biomanufacturing facility in Wuhan.
The facility, which opened in 2016, meets the regulatory quality standards of the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH), the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and National Medical Products Administration (NMPA).
Now, to meet the increasing demands of CDMO services from various customers, Chime has started the second phase of the facility's expansion to increase its total manufacturing capacity to more than 140,000 L within the next five years. Chime provides support to the biopharmaceutical industry from early drug development to late-stage clinical and commercial current good manufacturing practice (cGMP) production.
The financing round was led by VMS Group, followed by Fidelity International and Panacea Venture. Chime previously secured $125 million in financing in early 2020.