Chinese Dizal Pharma raises $100m from Lilly Asia, Sequoia, others

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. 

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.