Maples Advises on First Royalty-Backed Financing in China's Biopharmaceutical Industry

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Maples and Calder, the Maples Group's law firm, is pleased to have acted as Cayman Islands counsel to R-Bridge Healthcare Fund, a private fund of healthcare-focused firm CBC Group ("CBC") on a US$40 million royalty-backed financing for Yisheng Biopharma Co., Ltd., a China-based biopharmaceutical company. The proceeds will be allocated to develop the vaccines targeting COVID-19, cancer and infectious diseases.

A team based in the Group's law firm in Singapore acted as Cayman Islands counsel to CBC on this market-first transaction. The team was led by Asia Finance Partner, James Kinsley with assistance from Associate, Rebecca Lee. 

CBC is Asia’s largest healthcare-dedicated investment firm with US$5 billion assets under management. As a leading investor-operator, CBC partners with healthcare entrepreneurs and scientists to deliver innovative solutions and improve healthcare efficiency and quality for all. R-Bridge Healthcare Fund operates within the CBC platform and provides healthcare companies with bespoke, non-dilutive financing backed by Asia-sourced healthcare royalty, revenue interests and through a range of alternative financing structures, the first of its kind in the asset class in China. 

Commenting on this transaction, James Kinsley said, "China's biopharmaceutical industry has seen dramatic development in recent years and has been actively innovating in technologies, business models, and enterprise management. We are very pleased to have had the privilege of advising CBC on this ground breaking transaction as this represents the first royalty-backed financing in this industry."

CBC was advised by Sidley Austin LLP and Yisheng Biopharma was advised by Clifford Chance.