Chinese biopharma firm Abbisko closes $70m Series C round led by Temasek

Source: Laurynas Mereckas/Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.