Eddingpharm closes US$24 million Series B financing

Eddingpharm (Cayman) Inc., a leading specialty pharmaceutical marketing company focused on the China market, today announced the closing of a US$24 million Series B financing, co-led by OrbiMed Advisors Caduceus Asia Partners Fund and Domain Associates.  Sequoia Capital China Growth Fund also participated in the financing.  The financing will be used primarily for in-licensing of drugs from suppliers across the globe and co-development of new prescription drugs for sale in China, as well as to seek potential M&A opportunities.  William Blair & Company, LLC acted as placement agent for the transaction.  

"We are excited about our investment in Eddingpharm as the company has built a world-class sales organization in China, a market we feel has tremendous growth potential," said Dr. Nancy T. Chang, Chairman and Senior Managing Director of OrbiMed's Caduceus Asia Partners Fund.  "We are impressed by Eddingpharm's management team.  They have strong capabilities to execute and deliver results. They have established a solid product pipeline and generated several strategic partnerships with multinational pharmaceutical companies that can assure and accelerate the future growth of the company. As a new investor, we look forward to working with the company to achieve a greater upside."

"We feel the future is very bright for Eddingpharm and are delighted at the opportunity to be able to make this investment," said Dr. Brian Halak, partner at Domain Associates.  "Eddingpharm has grown into a full commercialization service provider for domestic and multinational pharmaceutical companies. We see an exciting opportunity here, with both the explosive growth in the China healthcare markets, as well as Eddingpharm's potential to execute strategic partnerships to co-develop prescription drugs to secure greater upside in the future."

"We are excited to bring on three new investors with the caliber and expertise of OrbiMed, Domain and Sequoia," said Xin Ni, founder and CEO of Eddingpharm.  "As we have built Eddingpharm into a leading pharmaceuticals marketing company over the past eight years, with the highest penetration and coverage of leading hospitals, the most efficient health care marketing/sales solutions, and a highly demanded and diversified product portfolio, this investment will help take us to the next level. We are well-positioned to take advantage of the fast growing healthcare market in China and continue to actively seek new products suitable for this market."

Both Dr. Chang and Dr. Halak will join the board of Eddingpharm in connection with this transaction.  

SOURCE Eddingpharm