Dizal Pharmaceutical (Dizal Pharma) – a joint venture between state-owned SDIC Fund Management, Swedish drug maker AstraZeneca and Zytz Partners – has announced the completion of a $100-million round of financing led by Lilly Asia Ventures (LAV).
New investors Sequoia Capital China, Trinity Innovation Fund and Wuxi NewForce Fund also participated in the round, according to a company statement on Wednesday.
Dizal raised an unspecified equity investment from Wuxi New District Investment Group’s sub-fund Xintou Group in July.
The Shanghai-based JV develops therapies for cancer and autoimmunity. In June, it set up a subsidiary in Beijing with registered capital of 15 million yuan ($2.17 million).
Dizal will deploy the proceeds to launch its China headquarters in East China’s Wuxi City, and for research, operations, manufacturing, sales and distribution.
“We will further expedite our drug R&D and facilitate business strategy. We will join hands to support the enhancement of the biomedicine industry in Wuxi,” said Dizal CEO Xiaolin Zhang in the statement.
Headquartered in Shanghai, Lilly Asia Ventures’s portfolio consists of Shanghai and Hong Kong dual-listed vaccine product firm CanSino Biologics, Hong Kong-listed drug discovery firm Innovent, Shenzhen-listed Betta Pharmaceuticals, among others.
Sequoia Capital China also led the 500 million yuan ($72 million) Series C funding in Xiamen-based LP Pharmaceuticals this week.