<article>Shanghai-based pharma company <a href="https://www.dealstreetasia.com/tag/Harbour-BioMed">Harbour BioMed</a> has announced the closing of an $85-million Series B financing round led by Singapore sovereign wealth fund <a href="https://www.dealstreetasia.com/tag/GIC/">GIC</a>.</article>

Shanghai-based pharma company <a href="https://www.dealstreetasia.com/tag/Harbour-BioMed">Harbour BioMed</a> has announced the closing of an $85-million Series B financing round led by Singapore sovereign wealth fund <a href="https://www.dealstreetasia.com/tag/GIC/">GIC</a>.
The funding round saw participation from new investors China Life Private Equity Investment Company and <a href="https://www.dealstreetasia.com/tag/Vertex-Ventures">Vertex Ventures China</a>, as well as existing investors <a href="https://www.dealstreetasia.com/tag/AdvanTech-Capital/">AdvanTech Capital</a> and <a href="https://www.dealstreetasia.com/tag/Legend-Capital">Legend Capital</a>, the startup said in a statement.
Harbour BioMed is discovering and developing therapies for cancer, with a focus on immuno-oncology and immunological diseases. Currently, it is building its proprietary pipeline through its internal discovery programs, and through in-licensing clinical stage assets that strategically fit its internal portfolio.
The biopharma company said the fresh funding will be used to accelerate the growth of its therapeutic pipeline, including both clinical and discovery stage programs.
“The financing is a very strong vote of confidence by our new and existing investors in our vision for the company, strategy, progress to date and our team. With their continued support, we will accelerate the growth and advancement of our pipeline through both internal innovation and external collaboration,” said Harbour BioMed founder and chairman Dr Jingsong Wang.
Harbour BioMed was established in December 2016 following a Series A round of $50 million and the acquisition of the Netherlands-based fully human transgenic antibody technology company, Harbour Antibodies BV and its subsidiaries.
In early 2018, it raised a Series A+ Round from CDH and AdvanTech to support its in-licensed clinical programs for Greater China.
Harbour BioMedia becomes the latest Chinese pharmaceutical company to be backed by GIC. The Singapore investor had earlier in the year backed Hua Medicine and also led a $260-million funding round for CStone Pharmaceuticals, which was said to be the largest Series B funding in China’s biopharmaceutical industry.
More recently, GIC also committed funds to two IPO-bound Chinese biotech firms, BeiGene and Ascletis Pharma Inc., as a cornerstone investor.
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The biopharma company said the fresh funding will be used to accelerate the growth of its therapeutic pipeline, including both clinical and discovery stage programs.

Singapore's GIC leads $85m Series B round for China's Harbour BioMed

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Singapore's GIC leads $85m Series B round for China's Harbour BioMed

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