Paul Hastings Advises GenScript, Probio on $224 Million Funding

Paul Hastings advised Hong Kong-listed GenScript Biotech Corporation on a Series C financing round for Probio Technology Limited, its pharmaceutical research and manufacturing subsidiary.

Paul Hastings also advised Probio on the round, which is expected to raise around $224 million. The round was led by Legend Capital and had participation from Highlight Capital, Hillhouse Capital Group, and other investors, according to a statement.

Probio plans to use the new round’s proceeds for general working capital, business expansion, and other purposes, GenScript said in a stock exchange filing. In particular, the funding will allow “Probio to build up manufacturing capacity, further research and development capabilities and opportunistically acquire assets to develop its contract development and manufacturing organization services.”

Probio provides the services to biotech and biopharmaceuntical companies in antibody drug discovery, as well as pre-clinical development, clinical and commercial manufacturing for biologics, and plasmid and virus for therapeutics, GenScript said.

Paul Hastings said it previously advised GenScript and Probio on Probio’s Series A financing in 2021 and Series B financing in 2022.

The law firm said its team advising GenScript and Probio was led by Jia Yan, co-chair of the firm’s mainland China offices, with support from associates Devin Geng and Yanqiu Liu.