Hillhouse, a global Asia-focused private equity firm, agreed to invest $392m in Asymchem Biotechnology Development, a drug developer firm. The proceeds will be used by Asymchem Biotechnology for production and capacity building of contract development manufacturing organisation solutions, including macromolecular drugs, antibody-drug conjugates, cell gene therapy drugs, and mRNA drugs. The fresh capital will also help enhance the investee’s financial strength and meet its subsequent capital needs for R&D expenses, as well as other expenditures.