From NASDAQ to $120M series A, CBMG readies for next phase

CBMG has capped its journey from early China debutante on NASDAQ to private Cayman Islands cell therapy company by raising a $120 million series A round led by AstraZeneca-CICC Fund, Sequoia Capital China and Yunfeng Capital.

Led by Chairman and CEO Bizuo “Tony” Liu, CBMG Holdings (formerly Cellular Biomedicine Group Inc.) went private in February in a nearly $400 million deal. Liu kicked off the process with co-investors in November 2019 by proposing to acquire all outstanding shares of the company not already held by the syndicate for $19.50 per share in cash, a 10% premium. The deal settled at $19.75 per share, a 12% premium over the company’s closing price of $17.67 on Nov. 8, 2019, before the initial proposal. ...