EOC Pharma, an oncology-focused biopharmaceutical company, on Monday announced that it has secured nearly 500 million yuan ($71 million) in a Series C round of financing led by Tigermed, TF Capital, and Yingke PE.
Hanne Capital and Everest Venture Capital Investment also participated in the round, while Life Venture served as financial advisor.
EOC had last raised $32 million in a Series B round in 2017 from Taikang Investment, Sequoia Capital China, and H&Q Asia Pacific.
EOC was spun out of the oncology division of specialty pharma company Eddingpharm, which focuses on in-licensing, marketing and commercialising branded drugs from global pharmaceutical companies.
Headquartered in Taizhou, with offices in Shanghai, Beijing, Hong Kong, and Los Angeles, EOC manufactures and commercialises oncology products for China after securing licences. It has a pipeline of six novel products from global biopharmaceutical partners.
In a statement, EOC Pharma chief executive Xiaoming Zou said the firm will continue to develop top-notch therapies for oncology treatments and seek partnerships with professional teams in and outside China.
In July, it inked a licensing agreement with Shionogi & Co to license-in epertinib, an HER2 (human epidermal growth factor receptor 2)/EGFR (epidermal growth factor receptor) inhibitor for focused development to treat brain metastasis in advance metastatic breast cancer patients.
The agreement allows EOC Pharma to develop, manufacture and market epertinib in mainland China, Hong Kong and Macau, and to start developing the product in mainland China. Shionogi will receive an upfront payment as well as milestone payments according to the progress of the product development and royalties on post-launch sales.