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January 9, 2023

PAG Portfolio Company BioRay Pharmaceutical Announces USD218 Million Strategic Financing Round



January 9, 2023 - BioRay Pharmaceutical Co., Ltd., the leading autoimmune-focused biopharmaceutical firm in China, announces it has entered into final agreements for a strategic round of financing of over RMB1.5 billion (USD218 million) at a pre-money valuation of RMB13 billion (USD1.9 billion).

The transaction marks BioRay’s first capital raise since its 2019 spin-off when PAG, an Asia-focused investment firm, acquired BioRay’s control from Zhejiang Hisun Pharmaceutical Co., Ltd. Investors participating in this round include a foreign sovereign wealth fund and domestic investment funds.

The transaction represents an important milestone for BioRay, which has been successfully transformed since its acquisition by PAG into a fully integrated innovative biologics platform, with comprehensive capabilities across the value chain from drug discovery to clinical development to manufacturing and commercialization. Investors in the strategic round recognize BioRay’s leading position in China’s autoimmune biologics market and are excited about its prospects for international expansion.

As a leader in China’s biologics market, BioRay has four products on the market focusing on autoimmune diseases, multiple products in Biologics License Applications (“BLA”) or Phase III clinical trial stage and more than 10 pipeline drugs in Phase II clinical trial stage or earlier. BioRay achieved over RMB900 million (USD131 million) in revenue in 2022, a cumulative annual growth rate of over 50% from 2019 to 2022.

BioRay plans to use the proceeds received in this round of financing to accelerate the development of its pipeline drugs, in-license innovative products and upgrade its manufacturing facilities to support the commercialization of pipeline products. PAG and Hisun continue to be the two largest shareholders in the company and remain committed to supporting its growth. The strategic round will lay the foundation for BioRay to further explore onshore and offshore capital market opportunities.

Dr. Wang Haibin, CEO of BioRay, remarks, “We welcome new investors to BioRay. We appreciate their support and recognition of BioRay’s fully integrated capabilities and potential. We look forward to working closely with our shareholders to build BioRay into a global platform in immunology.”

“By bringing in new global and domestic investors with deep financial resources, rich industry knowledge and strong local connections, BioRay can further accelerate its development.” said Kevin Xu, Partner at PAG Private Equity.




 About BioRay

BioRay is a pioneer in China’s biopharmaceutical industry with an extensive portfolio of autoimmune and oncology products. BioRay operates a fully integrated platform with end-to-end capabilities across the value chain from drug discovery, clinical development, manufacturing, and commercialization. Currently, BioRay has over 20 pipeline products, including four marketed products and more than 10 products in clinical trial stage. BioRay has over 1,400 employees globally, with offices in Taizhou, Hangzhou, Shanghai and San Diego.


About PAG

PAG is a private equity investment firm focused on Asia with three core strategies: Credit & Markets, Private Equity, and Real Assets. PAG manages capital for nearly 300 global institutional fund investors. PAG has approximately 300 investment professionals in 12 key offices, and more than USD50 billion in assets under management.


About Zhejiang Hisun Pharmaceutical Co., Ltd.

Founded in 1956, Zhejiang Hisun Pharmaceutical Co., Ltd. is a comprehensive pharmaceutical enterprise featuring whole chain, multi-regional integration of research, production and marketing as well as development of drug substances and preparations. Hisun Pharmaceutical is now one of the largest producers of antibiotics and anti-tumor drugs in China and has been listed in the Top 500 Chinese manufacturing enterprises and the Top 100 Chinese pharmaceutical enterprises multiple times. Hisun Pharmaceutical is listed on the Shanghai Stock Exchange (SHSE: 600267) and is headquartered in Taizhou, Zhejiang province.


Media Contacts

Tim Morrison  

Wu Meng 


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