China-based pharmaceutical company HaiHe Biopharma has raised USD147 million in a funding round led by Chinese health-care-focused venture capital firm Huagai Capital. Other investors in the round include Atlas Capital, Yingke Private Equity, Hillhouse Capital, Boyuan Capital, Elite Capital, the Chinese Academy of Sciences Venture Capital Management, CSPC Pharmaceutical Group, and Daehwa Pharmaceutical. Formed through the merger of two local pharmaceutical companies in March 2018, HaiHe specializes in the development of oncology drugs and will use the new funding to support research and development.