China New Enterprise Investment (CNEI), a China-focused growth capital fund manager, has invested US$25.4 million in China-based biopharmaceutical company Shanghai Fudan-Zhangjiang Bio-Pharmaceutical (FDZJ). CNEI completed the transaction in two steps, investing US$21 million earlier this year and an additional US$4.4 million in October. The firm acquired a 17 percent stake in the company from two state-owned enterprises, becoming FDZJ’s second largest shareholder.