GL Ventures, Temasek co-lead $230m round in China’s Clover Biopharmaceuticals

Photo: National Cancer Institute/Unsplash

Clover Biopharmaceuticals, a global clinical-stage biotech company that develops and commercialises transformative biologic therapies, announced on Tuesday the completion of an oversubscribed Series C funding round at $230 million.

The new investment was co-led by Hillhouse Capital’s venture capital (VC) unit GL Ventures and Singapore’s state investment firm Temasek, with participation from Oceanpine Capital, OrbiMed, and Clover’s existing investor Delos Capital. It brought Clover’s total capital raise in the past 12 months to over $400 million.

Clover, which operates from China, will use the new proceeds to fund a pipeline of protein-based vaccines and biologic cancer therapies, including a global Phase 2/3 efficacy trial for its COVID-19 vaccine candidate, SCB-2019 (S-Trimer). The efficacy trial is expected to start in H1 2021.

In a statement, Clover said that the new financing would also be used to develop additional vaccines, including multivalent SARS-CoV-2, which covers multiple variants, and vaccines targeting other diseases, as well as cancer therapies.

The firm expects to advance multiple new pipeline products to the clinic in 2021 and further expand in-house R&D and cGMP commercial biomanufacturing capabilities.

Clover said that it had initiated production planning for potentially hundreds of millions of its COVID-19 vaccine doses in 2021.

Founded in 2007, Clover is a clinical-stage, research-based biotech company discovering, developing, and commercialising transformative biologic therapies, with a focus on oncology and autoimmune diseases, as well as viral vaccines. It has grown from a 20-person team to a global R&D team of approximately 450 members.

The China-based firm earlier announced the completion of a $24-million Series B2 round from GL Ventures in June 2020. Prior to that, in November 2019, it had raised $43 million in a Series B round led by Delos Capital and Lapam Capital. In December 2017, it had closed about $9.5 million in a Series A round led by Tianhe Life Sciences Venture Fund.

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.