Sidley advised R-Bridge Healthcare Fund, a subsidiary fund of healthcare-focused CBC Group, on a US$40 million royalty-backed financing for Yisheng Biopharma Co., Ltd., a China-based biopharmaceutical company with fully integrated research, manufacturing, and commercialization capabilities developing innovative biotherapeutics for cancers and infectious diseases. This transaction is ground-breaking as it is the first royalty-backed financing in China’s biopharmaceutical industry.
CBC Group is a leading healthcare-dedicated investment firm focused on middle- and late-stage growth and buyout investment opportunities in China, including the pharmaceutical/biotech, medical technology, and healthcare services sub-sectors. R-Bridge Healthcare Fund provides alternative, non-dilutive financing to healthcare companies backed by royalties, revenue interest, and other cash flows generated by the sale of healthcare products and services in Greater China, the first of its kind in the asset class and region.
The Sidley team was led by partner Olivia Ngan, on the financing side, other team members included counsel Alan Wong, associates Hao Zhou and Kelly Lam, and partner Lei Li, on the project due diligence side, other team members included associate Diana Gong, managing associate Mulai Xu, and China advisor Jia Liu. U.S.-based partner Asher Rubin also participated in the transaction.
For decades, Sidley has pioneered the development of innovative financial instruments for the world’s financial markets, and that reputation for innovation extends to the Asia Pacific region. Sidley was recognized as the “No. 1 Borrowers’ Legal Counsel” in Debtwire’s “Asia (ex-Japan) Loans Legal Advisors’ League Table Report” for 2021 and was on top of the table for four consecutive quarters throughout 2021.
Sidley provides multidisciplinary services for life sciences clients. We advise clients across the full spectrum of their business life cycles, ranging from formation, corporate governance, and compliance operations for startups, to collaboration, licensing, commercialization, and filing in the business development phase, including initial public offerings, equity financings, and bond/note issuances, as well as domestic and cross-border mergers and acquisitions, asset restructuring, equity incentive plans, and privatizations.
