Chinese biotech startup D3 Bio raises $200m in Series A round

Laboratory equipment. Photo: Pixabay

Chinese biotech startup D3 Bio, a precision medicine developer, has closed its Series A funding round at $200 million to support the development of the firm’s portfolio in oncology and immunology.

Chinese private equity firm Boyu Capital, Matrix Partners China, Sequoia Capital China, Singapore state investor Temasek and Hong Kong-listed pharma WuXi AppTec’ corporate venture fund joined the round.

In a filing to the Hong Kong stock exchange on the same day, WuXi AppTec disclosed that it agreed to invest $21 million for 21 million Series A-1 shares in D3 Bio, which represents nearly 16.7 per cent of the startup’s issued share capital.

“D3 Bio employs a new approach, surveying the clinical landscape rather than only following laboratory insights, to identify the unmet patient needs and to match patients with optimal therapies,” said WuXi AppTec in the filing.

Harnessing insights from clinical development, D3 Bio identifies new disease targets and delivery methods in immunology and oncology to match patients with optimal therapies to treat their diseases.

The startup said that having a clear understanding during preclinical development both of relevant cancer biomarkers and the therapeutic improvement or replacement goals will make drug discovery and development “as efficient and focused as possible.”

D3 Bio was co-founded by George Chen, an oncologist veteran who previously held senior positions at firms such as Eli Lilly, Johnson & Johnson, and the National Institutes of Health. The other co-founder, John Jin, is a founding partner at healthcare-focused PE firm Hanne Capital and a former executive at Chinese biotech firm BeiGene and Taipei-based TaiGen Biotechnology.

Before the Series A round, Chen and Jin held a 55 per cent stake and a 45 per cent stake respectively in D3 Bio, according to WuXi AppTec’s filing.

George Chen, MD, co-founder, Chairman and CEO of D3 Bio. Source: D3 Bio

“D3 Bio intends to create a robust portfolio comprised of internal core assets that can be leveraged for follow-on development as well as in-licensed early-stage clinical assets,” said Chen.

 

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.