Chinese online pharmacy SPH gathers $159.7m in Series B round
Visual from Shanghai Pharmaceuticals website.
February 18, 2021
SPH Health Commerce, a Chinese Internet hospital and online pharmacy, has completed its Series B round of financing at 1.033 billion yuan ($159.7 million).
With this, the company will not be a controlled subsidiary of the country’s drug developer and distributor Shanghai Pharmaceuticals.
Shanghai-based SPH, which was founded in March 2015 by Shanghai Pharma, saw the stake held by the parent reduce to nearly 48% from 72.7% after the transaction, SPH announced in a statement on Thursday.
The billion-yuan investment was completed on January 18. As a result of the new financing, Hong Kong and Shanghai-listed Shanghai Pharma will no longer consolidate the financials of SPH into its financial statements.