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GenScript Biotech receives USD 150 million in Series A investment from Hillhouse Capital

 Last Update: 2021-07-06
 Source: Internet
 Author: User

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On May 14th, GenScript issued an announcement to enter into binding contract specifications with investors regarding Probio Cayman (an indirect wholly-owned subsidiary of the company, GenScript Boom Bio) proposed a round of financing
.

Accordingly, GenScript Bio will subscribe through its subsidiary Probio BVI before the completion of Probio to subscribe for US$70 million convertible bonds that can be converted into Probio shares

It is reported that as of the date of this announcement, Probio Cayman is indirectly wholly-owned by GenScript Biotech through its wholly-owned subsidiary Probio BVI
.

After Probio is completed, Probio BVI's equity in Probio Cayman will be diluted to 82.

The proceeds from the Series A financing are intended to meet the general working capital needs of Probio Cayman's main business operations

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