China’s Abogen Biosciences raises $92m in Series B round

Suzhou Abogen Biosciences has raised as much as 600-million yuan ($92 million) in its Series B round of funding to expand its operation, per an announcement.

The fresh round was jointly led by state-owned investment entities PICC Capital, and SDIC Venture Capital Management, besides YF Capital, a PE firm co-founded by Alibaba’s Jack Ma in 2010. 

While LYFE Capital and Highlight Capital came in as new investors, the company’s existing backers GL Ventures, TF Capital and Ming Bioventures also topped up in the round.

While the company has earmarked a part of the funding to accelerate its R&D work of COVID-19 vaccine products, it plans to use another part to facilitate the construction of a manufacturing facility and develop its pipeline of products. 

Abogen, established in 2019, specializes in developing mRNA drugs and vaccines for cancers and infectious diseases.  

In the statement, Abogen said that its flagship coronavirus mRNA vaccine (ARCoV) – in partnership with the People’s Liberation Army Academy of Military Sciences and Walvax Biotechnology – has received the approval of the National Medical Products Administration for a clinical trial in June 2020. 

Abogen promoter Bo Ying is the largest shareholder in the company – he holds 40.01% stake in it. Meanwhile, Pantera Capital and SDIC hold 18.70% and 11.70 equity interests, respectively. 

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.