PAG-backed Chinese biopharma BioRay raises $218m at $1.9b pre-money valuation

PAG-backed Chinese biopharma BioRay raises $218m at $1.9b pre-money valuation

Laboratory equipment. Photo: Pixabay

BioRay Pharmaceutical, a PAG-backed Chinese autoimmune-focused biopharmaceutical company, has sealed an agreement to raise over 1.5 billion yuan ($217.9 million) in a strategic round that values it at 13 billion yuan ($1.9 billion) pre-money.