AsymBio, a Shanghai-based biologics contract development and manufacturing organization (CDMO) and subsidiary of Asymchem Group, has secured nearly RMB 1.24 billion (approximately $184 million) in new funding to expand its biologics development and manufacturing operations.

According to the announcement, Asymchem Group will invest RMB 1.05 billion (approximately $156 million), while investment firm Hillhouse Qirui will contribute RMB 177 million (approximately $26 million). Following the transaction, Asymchem Group’s ownership stake in AsymBio will increase to 83.5%.

The company said the investment will be used to expand research and development platforms, GMP manufacturing lines, and high-potency, high-containment facilities, while supporting capacity expansion and execution of client programs. AsymBio cited growing demand for outsourced development and manufacturing of antibody-drug conjugates (ADCs), novel drug conjugates (NDCs), bispecific antibodies, and multispecific antibodies.

AsymBio generated approximately RMB 470 million (about $70 million) in revenue during 2025. First-quarter 2026 revenue exceeded RMB 140 million (about $21 million), reflecting continued growth in its biologics CDMO business.

The investment follows AsymBio’s recent groundbreaking for a biologics R&D center at its Fengxian site in Shanghai. The facility, scheduled for completion in the second half of 2027, is designed to integrate biologics research with manufacturing and will house the company’s AI-enabled Accelerated PCC (AccPCC) platform to support development of antibody and ADC therapies.