Shanghai-based Abbisko Therapeutics has secured $70 million in a Series C round of financing led by Singaporean state-owned investment firm Temasek, bringing the total capital raised by the Chinese biopharma firm to $140 million.
Existing investors Singapore’s GIC, Chinese venture capital firm Qiming Venture Partners, and Jianxin Capital, a fund management platform of China’s CCB International, participated in the investment.
Other returning investors include Shanghai-based private equity company Loyal Valley Capital, China-based biomedical venture capital firm Lilly Asia Ventures, and CICC Capital, the private equity arm of Hong Kong-listed investment bank China International Capital Corporation Limited (CICC), according to a statement on Wednesday.
The new funding will allow the company to “rapidly advance our clinical programmes and continue to move forward the portfolio of novel cancer therapies in the discovery and early development stages,” said Xu Yao-Chang, founder and CEO of Abbisko, in the statement.
The Series C round represents the latest investment into the Chinese rising biopharma industry, following IASO Biotherapeutics’ $60-million Series B round, and a $75-million Series B+ round closed by Harbour BioMed (HBM) earlier this month.
Fueled by the large population and rapid urbanization, China’s biopharma market has experienced double-digit growth in the past decade and is expected to reach $175 billion by 2022, according to industry researcher Pharmaceutical Online.
Established in 2016, Abbisko develops first-in-class molecular entities in the oncology field. The company has advanced two internally discovered and developed pre-clinical small molecule drug candidates into the clinical stage with investigational new drug (IND) approvals in mainland China, Taiwan, and the United States, with their Phase I trials either being initiated or in active preparation across these regions.
The company has also built up a discovery pipeline in targeted therapy and immune-oncology areas.
Proceeds of the new round will be used to advance the firm’s four clinical programmes and further expand its discovery pipeline.
The company previously raised $42 million in a Series B round led by Qiming Venture Partners in March 2019. It also completed a $28-million Series A round in February 2017. Shanghai-based life sciences investment firm Capital Management, and Sinopharm Capital, the private equity platform of state-owned China National Pharmaceutical Group, were among investors in the previous rounds.