Everest Medicines raises additional US$310 million from investors
Biopharmaceutical startup Everest Medicines has announced US$310 million in Series C financing to fuel research and clinical studies amid booming demand for novel treatment.
The US$260 million Series C-2 was led by Janchor Partners and co-led by RA Capital Management and Hillhouse Capital with additional support from new investors. Prior to that, the firm also received the Series C-1, which was comprised of a US$50 million investment from the Jiashan SDIC.
Proceeds from the financing will be used to advance clinical development of Everest Medicines’ pipeline of novel therapeutic candidates and building commercial infrastructure to support the next phase of growth.
Everest Medicines was established in 2017 and its ongoing research and clinical studies include treatments for breast cancer, intra-abdominal infections, with four potential drugs currently in clinical trials designed for registration in China and two additional ones to start registrational trials this year.
“This is an important milestone for Everest Medicines that reinforces our deep industry expertise and strategic business model to in-license global innovation for the development of critical therapies in China and Asia,” said Chief Executive Officer of Everest Medicines Kerry Blanchard.
“Everest Medicines has made remarkable progress securing strategic partnerships with established industry leaders to build and develop its promising therapeutics pipeline,” said John Ho, founder and chief industrialist investor of Janchor Partners.