Shanghai-based bio-pharma startup raises US$120 million
Shanghai-based bio-pharmaceutical startup Antengene Corporation has completed US$120 million of series B financing, funded by Boyu Capital and FountainVest, as investors brace the booming market and its growth potential in China.
Other investors include NASDAQ-listed Celgene Corporation, WuXi Corporate Venture Fund, and Taikang, as well as previous investors Qiming Venture Partners and TF Capital.
The funding will be used for the continuing development of the company's lead new drug candidates, as well as expanding the company's pipeline through internal research and development and external partnerships, and to prepare the commercial launch of late-stage drug candidates.
Qiming Ventures invested US$21 million in its first financing round in 2017, and Celgene was also a strategic investor.
"We will continue to maintain and advance rigorous, science-driven, and patient-centered R&D, while actively preparing for the commercialization of our lead products in China and the Asia-Pacific Region,” commented Jay Mei, founder, chairman, and CEO of Antengene.
"We view introducing first-in-class and best-in-class drug candidates as an effective solution to unmet clinical needs in China, and we are excited about the opportunity to work with the team at Antengene to bring novel therapeutics to Chinese and Asian patients,” added Boyu Capital Managing Director Cao Yanling.
A 15,792 square meter manufacturing and research facility in Shaoxing, Zhejiang Province has been completed and is expected to provide both clinical and commercial drug supply for the company’s pipeline products.