China's BioRay raises $218 million to build 'global platform in immunology'

6 January 2023

BioRay Pharmaceutical's claim to be China’s leading autoimmune-focused biopharmaceutical firm looks substantially more robust after the company announced a $218 million strategic financing.

This marks BioRay’s first capital raise since its 2019 spin-off and acquisition by PAG, an investment firm focused on the Asia Pacific region.

Investors participating in the round include a leading Asian sovereign wealth fund as well as state-owned investment firms from Zhejiang Province, China.

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