JHL Biotech Co. Ltd., of Hsinchu, Taiwan, raised $106 million in a convertible bond issuance, which closed May 15, the company said. Proceeds raised from the issue will be used for clinical trials, working capital needs and further development of the company's pipeline of biosimilar treatments. The offering brings JHL's total funding raised to date to $320 million, it reported. VMS Investment Group was the largest subscriber for the issue, which also included active participation from existing shareholders. Ion Pacific acted as sole financial advisor to JHL for the transaction.