Biotheus, a Chinese biotech firm focusing on the treatment of malignant tumours and autoimmune diseases, has secured over $100 million in its fourth funding round co-led by growth equity investor General Atlantic and Beijing-based investment firm IDG Capital.
New investors in the round include Chinese private equity (PE) firm Kunlun Capital, CITIC’s asset management firm CPE, and Shenzhen-based PE Cowin Capital, Biotheus said in a statement on Wednesday.
Returning investors such as healthcare-focused investment companies HighLight Capital and Shiyu Capital, Chinese fund manager New Alliance Capital, and Huajin Investment participated in the deal.
Biotheus joins a string of biotech companies that have raked in fresh capital as investors’ interest in health-related investments remains high amid the global health crisis.
In February, Regor Therapeutics, a clinical-stage biotech company with operations in China and the United States, secured $90 million in a Series B round led by Lilly Asia Ventures (LAV). In the same month, Yisheng Biopharma, which develops vaccines and medicines for cancers and infectious diseases, pocketed $130 million in a Series B round, following the completion of an oversubscribed $230 million Series C round in clinical-stage biotech firm Clover Biopharmaceuticals.
Founded in 2018, Biotheus is a clinical-stage company developing next-generation therapeutics for the treatment of cancer and autoimmune diseases. The firm has a product pipeline of over 10 novel monoclonal and multispecific antibodies.
The firm currently has two bispecific antibodies in Phase I clinical development for cancer treatment. It submitted its third Investigational New Drug (IND) application at the end of 2020.
“This round of financing will fund the development of our existing product pipeline and the construction of our manufacturing facility,” said Liu Xiaolin, president and CEO, Biotheus. “We will fully drive the development of our product pipeline, strengthen our position in the global market for cancer immunotherapy, and bring much-needed innovative treatments and options to a larger population of cancer patients.”
With the new financing, Biotheus plans to further increase investment into its research activities, targeting five novel drugs in clinical development by the end of 2021 and to drive multiple programmes into late-stage clinical development.
Its third fund round was led by New Alliance Capital and completed in June 2020, without disclosing the financial terms. In June 2019, the startup raised over 100 million yuan in a Series Pre-A round, within one year after the completion of a strategic investment at 180 million yuan.