Recently, Panlin Capital announced that it will mainly invest in venture capital in the fields of innovative biomedicine, innovative medical devices and biotechnologyHangzhou Panlin Xukang**Announced completeSecondary closurewithPaid-in fundraising。This is the first venture capital established by Panlin Capital in Hangzhou, and it is also the second venture capital announced by Panlin this year. Just in March of this year, Panlin Capital just announced itThe main investment is to B and technologyfieldChengdu Panlin Xiangxu**Finish closing. This is really rare under the cold winter of the industry. It is understood that in the past two years,Panlin Capital has raised a total of more than 1.5 billion yuan
As one of the series of Panlin Capital's in-depth practice of investment in the medical fieldPanlin Xukang**Backed by a range of new institutional investors, including:Hangzhou urban two-level industry guidance**Hangzhou Science and Technology Innovation GroupwithHangzhou Xiaoshan International Venture Capital, state-owned investment platformChengdu Science and Technology Innovation Investment Groupand state-owned market-oriented financial institutionsCentaline Trust (own funds);Publicly traded companiesChengdu Pilot (688222.)sh）Leo shares (002131.)SZ), I-Mab Biotech (iMabus）, market-oriented financial institutionsChunshi Capital, etc.;In addition, the branch ** is even more obtainedtoHigh Net Worth IndividualsAs the support of cornerstone investors, Panlin old LPs represented by entrepreneurs have a reinvestment rate of more than 40% based on the excellent return on investment performance in the early stage
At the same time, Panlin Xukang** was also presentedHigh investment efficiency。Up to now, the branch has completed the investment and delivery of nearly 20 high-quality projects. Based on the policy orientation and industrial agglomeration research on the vigorous development of the biomedical industry in Hangzhou, especially in Xiaoshan District, in the early stage, in terms of investment by local enterprises, Panlin has successively launched a DNA data storage technology development platformCodons, an innovative AI protein design companyLiwen Institute, third-party R&D and manufacturing overall solution provider (CDMO) of microfluidic chipsTingke Biotech, new nucleic acid self-assembly technology development companyDina Yuansheng ,Small-caliber regenerative vascular R&D enterpriseLingbo Biotech,Cell & Gene ** CDMO EnterpriseInnoforceWait. In terms of enterprise introduction, Panlin has built a plan for the biomedical industry based on the local airport industrial park in Xiaoshan, and successfully invested in the pharmaceutical cold chain digital and intelligent service platform led by PanlinDushi Pharmaceutical ** Chain was introducedThe implementation will help the park to realize the advance layout of sales and transportation links in the biomedical industry chain.
In addition, Panlin Xukang** has also invested in a research and development enterprise for stem cell directional differentiation and regeneration of pancreatic isletsZhixin Haozheng, iPSC-CAR-NK cell therapy product research and development enterprisesNeova, RA**gene** drug R&D enterprisePerfection is the only innovation, small nucleic acid drug research and development enterprisesChengdu Xianyanand other early-stage enterprises, combined with the needs of the first LP return rhythm, the follow-up round of additional investment in the star projects invested by Panlin in the early stage has been integrated into the portfolio, such as the leading enterprises in the research and development of small nucleic acid new drugsRibo Biotech, a "global new" drug development companyGenFleet Pharmaceutical, a world-class oncolytic virus research and development enterpriseFunuojian, structural heart disease high-end medical device innovation and research and development enterprisesJinshi Biotechand other enterprises.
Judging from the performance of the invested companies of the branch,Ribo Biotech, Funuojian Biotech, Genfang Pharmaceutical, Jinshi BiotechThe four companies will gradually enter the IPO application process, and nearly 10 projects will complete a new round of refinancing within one year after investment, with a financing amount of more than 1 billion yuan.
Li Yuhui, founding managing partner of Panlin CapitalHe said: "Thanks to the long-term attention and trust and support of new and old investment institutions and investors to Panlin, so that Panlin can take small steps in the downturn market environment. This not only shows the firm recognition of Panlin's professionalism by investment institutions and investorsIt also shows our long-term confidence in the country's local medical and biomedical industries。As a renminbi company that has been laying out "scientific and technological innovation" since its establishment, Panlin has experienced two rounds of tempering of the complete investment cycle, forging a mature early and medium-term investor in science and technology enterprises**. In recent years, Panlin has entered a new stage of development, forming a 'two-wheel drive' of medical treatment and technology and technology, and the accelerated development trend of multiple branches and places. At present, in the context of the country's full development of scientific and technological innovation, we will also continue Panlin's usual professional and existing performance advantages to deepen scientific and technological innovationContribute to the power of market-oriented VC for the national scientific and technological innovation, continue to create rich returns for investment institutions and investors, and actively contribute to the development of local scientific and technological innovation
Since its establishment, Panlin Capital has carried the gene of medical investment. Further, Panlin's medical investment and strategy continue to deepen with the overall evolution of Panlin.
As early as 2010, when the core founding team of Panlin founded Panlin Capital, it set medical care as one of the key areas of Panlin's layout, and successively made precise shots and added many successful IPOs in the follow-upKangtai BiologicalCap Biotechand other medical projects. The foundation of Panlin Capital's medical investment has been laid.
Since 2014, with the transformation of Panlin Capital's overall investment strategy to technology-based VC, Panlin's medical investment stage has also moved forward synchronously and gradually clarifiedFocus on investment in innovative drugs and innovative deviceshas successively invested in leading enterprises in the research and development of new small nucleic acid drugsRibo Biotech, innovative drug R&D enterprises for multiple tumorsSheng NokeyIt is the earliest bispecific antibody drug R&D platform approved for clinical use in ChinaYouzhi friends(listed), the gene sequencing service company closest to clinical application in ChinaGerman-Italian Oriental(acquired by industrial capital two years after investment), the country's largest third-party inspection chain institution for maternal and child diseasesCap Medical ExaminationIt is the largest non-public children's hospital in ChinaKyoto Children's Hospital, an innovative tumor targeted drug research and development companycotheraand other early enterprises, and now,These companies have developed into leading companies in their respective segments and have entered the IPO process one after another. Among them, Ribo Biotech is an enterprise that Panlin has been laying out since the A round, and has invested in five rounds.
In this investment process, Panlin's investment strategy in the medical and biomedical fields has gradually taken shape, that is, it has not been met from clinical practicePrevention, diagnosis and rigid needs of major diseasesDeparture, based on the investment teamCognition of disease mechanisms and targets, as well as the development of biotechnology innovation, focusedInvest in innovative drug R&D companies, innovative medical device R&D companies, and derivative opportunities in life sciences and biotechnology
In the second half of 2019, with:Panlin's first flagship**Shanghai Panlong**With the successful closure, Panlin Capital has carried out a medical VC investment layout around the above themes, and has successively continued to deploy "global new" drug development companiesGenFleet Pharmaceutical, tumor microenvironment-responsive drug R&D platformAffinity, oncolytic virus research and development enterprisesFunuojian BiologicsA small molecule targeted drug research and development enterprise in the brainBichen Pharmaceuticaland other early-stage enterprises in the research and development of innovative drugs;Stem cell directional differentiation and regeneration of pancreatic islet research and development enterprisesZhixin Haozheng, RA**gene** drug R&D enterprisePerfection is the only innovation, iPSC-CAR-NK cell ** product research and development enterpriseNeova, new nucleic acid self-assembly technology development companyDina Yuansheng ,and other early-stage enterprises based on CGT;, structural heart disease high-end medical device innovation and research and development enterprisesJinshi Biotech, medical device CRO and integrated service providerOrshida, Tumor Treating Field Technology R&D EnterpriseAntai Kangcheng, pathological AI diagnosis enterpriseThorough imagery, an innovative enterprise in ophthalmic contact lens care3N TechnologySmall-caliber regenerative vascular R&D enterpriseLingbo Biotech,, small nucleic acid drug research and development enterprisesChengdu Xianyanand other early-stage innovative medical device companies.
Through a series of investments and additions from early-stage enterprises, the overall VC investors of Panlin Capital have gradually matured and become clear, and have formed a unique "Panlin".Boutique investment"Fang**:1), recognize in advance, card in advance;2) Intensive cultivation and long-term companionship;3) Multiple rounds of raising, boosting the dark horse to become a white horse.
At the same time, accompanied by Pan Lin in the other direction:To B and the early investment layout in the direction of technology, Panlin successfully completed the transformation to VC。During this period, Panlin was a medical enterprise at the beginning of its establishmentKangtai Biotech (300601).Cap Biotech (300639).Successful IPO. In addition,High-energy environment (603588), oriental fashion (603377).and other 6 companies have also been listed on the A-share market.
After years of development, in addition to the level of investment performance,Panlin has shown the results of accumulation. At the level of team and playing style, Panlin has also built a systematic matching: the Panlin team is based on professional background and industrial background, supplemented by internal senior investors and external scientific consultantsIndustry + investment + international vision"With a composite background, we can deeply understand the development trend of the industry and the development law of the capital market. And, Panlin has been formedA set of research-driven, combined with Panlin's own industrial ecology investment and research systemThe investment team conducts research on subdivided fields, constructs investment cognition, outlines the industry map, and then excavates the best investment targets based on Panlin's overall own resources, and effectively empowers the invested companies in combination with Panlin's investment ecology, "looking for entrepreneurs among scientists, achieving innovators among entrepreneurs", and promoting the transformation of science and technology into products, scientists into entrepreneurs, and R&D enterprises into science and technology industriesCognition-Search-Capture-Practice" is a complete closed loop.
In recent years, due to the influence of structural and cyclical factors, the domestic medical and biomedical industries, especiallyThe innovative drug R&D industry has reached an inflection point from extensive growth, the investment in biomedicine tends to the capital downward cycle.
On the other hand, the underlying logic of industrial development, the unmet clinical needs brought about by China's aging continue to grow, biotechnology is booming, and the enthusiasm and pace of scientists' entrepreneurship have not weakened. The long-term investment logic of domestic innovative biomedicine has not changed, it is a real long slope and thick snow, and with the support of demand and technology, biomedicine has better industry prospects
Panlin focuses on the early stage, and the VC investment cycle is long, now is the best layout period for VC investment," Li Yuhui pointed out.
Panlin has long been firmly optimistic about the sustainable development of China's scientific and technological innovation, and this time Panlin successfully joined hands with Hangzhou to jointly establish Panlin XukangIt is Panlin's action to help the development of Hangzhou's local and local biomedical industry by relying on its own deep accumulation in medical investment, especially in the field of biomedical investmentIt is undoubtedly one of the signs that the industry is full of confidence in China's local medical investment market.
The reason why it can successfully land in Hangzhou, Li Yuhui said, is the result of mutual recognition between the two sides in the context of Hangzhou's vigorous development of the biomedical industryHangzhou has a good foundation for the biomedical industry, which is very attractive to high-level talents such as scientists, and Panlin's medical genes are highly compatible with Hangzhou's industrial development plan
For Panlin Xukang**, Panlin will adhere to the main line of serious investment in biomedicine, and enter the upstream industrial chain in depth, and explore the opportunities of relatively early technological innovation and the competitive pattern has not yet been formed to carry out the layout.
Specifically, Panlin Xukang** will revolve around cells withGene ** field (CGT), iPSC regeneration field, central nervous system (CNS), tumor immunity, cardiovascular high-value consumables, innovative IVDand other subdivisions, in accordance with ".4:6 funding ratio"Invest in relatively mature and absolute early-stage projects in the VC stage respectively, that is, 40% of the funds are used to add high-quality projects that Panlin has invested in, or even multiple rounds of addition;60% of the funds are invested in new and highly innovative or even "innovative at the source" projects.
For example, in the biomedical field, 40% of the funds are invested in companies that have the potential to grow into biopharma in the Panlin portfolioHedging risks to ensure cash repatriation to enhance the rhythm of LP cash returns；60% of the funds are invested in early-stage biotech companies, seekingHigher return elasticityLi Yuhui also pointed out that "under the systematic approach, Panlin Xukang will build a new flagship matrix of Panlin's medical investment portfolio, which will become a new starting point for Panlin's next medical investment." ”