Biopharmaceutical startup Everest Medicines on Friday announced it has raised $310 million in a Series C funding round to finance the clinical development and commercialisation of its drug candidates.
The Series C round consists of two preferred equity financing tranches, including a $260-million Series C2 round and a $50-million Series C1 round, according to a statement.
The Series C2 round was jointly led by Hong Kong-based Janchor Partners, US multi-stage investment manager RA Capital Management and Asia-focused private equity firm Hillhouse Capital.
New investors in the round included Decheng Capital, GT Fund, Janus Henderson Investors, Rock Springs Capital and Octagon Investments. Return backers CBC Group, Cormorant, Pavilion Capital and HBM Healthcare Investments also participated in the tranche.
The Series C1 round was backed by China’s state-owned Jiashan SDIC as part of a broader strategic partnership Everest Medicines forged with Jiashan National Economic and Technological Development Zone and Jiashan SDIC earlier this year.
“This is an important milestone for Everest Medicines that reinforces our deep industry expertise and strategic business model to in-license global innovation for the development of critical therapies in Greater China and Asia,” said Kerry Blanchard, CEO of Everest Medicines, in a statement.
Everest Medicines develops, manufactures and commercialises innovative drugs in oncology, infectious diseases, cardio-renal diseases and autoimmune diseases. It has built a portfolio of eight molecules, many of which are in late-stage clinical development.
Currently, it has four assets in clinical trials designed for registration in China, while two additional assets will start registrational trials in 2020. An SCMP report said that Everest Medicines had raised a total of $270 million before the Series C round.
“We are proud of what Everest has achieved in such a short period since its inception in late 2017,” said Wei Fu, chairman of Everest Medicines and CEO of CBC Group, which incubated the startup.
“The strong network of investors validates Everest Medicines’ early achievements, as well as their confidence in Everest’s potential to grow into a leading innovative drug platform company in the region,” said Wei.
Proceeds from the financing will be used to advance the clinical development of Everest Medicines’s pipeline of novel therapeutic candidates and to build out the commercial infrastructure to support its next phase of growth.
In March 2020, Everest Medicines had entered into a strategic partnership, under which the startup agreed to place its China holding company and global manufacturing site in Jiashan National Economic and Technological Development Zone, located in eastern China’s Jiaxing City, Zhejiang Province.
Jiashan SDIC had committed to invest $100 million in Everest Medicines to support several clinical trials for registration and to build good manufacturing practice manufacturing and good storage practice facilities in the district.