Global biopharma firm HBM raises $75m from GIC, SK Holdings, others

Laboratory equipment. Photo: Pixabay

Global biopharmaceutical firm Harbour BioMed (HBM) announced on Thursday the completion of a Series B+ round of financing at $75 million to accelerate the advancement of its clinical-stage compounds and next-generation biotherapeutics for treating cancer and immunological diseases.

New investors in the Series B+ round include South Korea’s SK Holdings, Chinese venture capital firm Efung Capital, Hangzhou-based Zheshang Venture Capital (ZSVC), Zhejiang University Future Capital, Greater Bay Area Fund, and JT New Century, according to a statement.

Existing investors Legend Capital, the investment unit of Chinese conglomerate Legend Holdings, Taipei-based computer manufacturer AdvanTech, and Singapore’s sovereign wealth fund GIC continued to invest in the transaction.

“Over the past several months, HBM has made great progress in advancing two leading assets towards mid-late stage clinical trials in China, and we began international clinical studies with our first internally-discovered biotherapeutic, a next-generation, fully-human anti-CTLA-4 antibody (HBM4003) for the treatment of advanced solid tumours,” said Wang Jingsong, founder, chairman and CEO of Harbour BioMed, in the statement.

HBM is a global, clinical-stage biopharmaceutical company that develops innovative therapeutics in the fields of immuno-oncology and inflammatory diseases.

Its internal discovery programs are centred around two patented transgenic mouse platforms: Harbour Mice® for generating both fully human monoclonal antibodies and heavy chain only antibodies (HCAb), as well as HBICE™ immune cell engager technology for developing bispecific antibodies.

The company entered into a collaboration with New York’s academic medical system Mount Sinai Health System earlier this month to study novel, fully human antibodies for the treatment and prevention of various diseases, including the development of monoclonal antibodies against the coronavirus (COVID-19), which has claimed almost 3,200 fatalities in China as of March 12.

HBM also licenses the platforms to companies and academic institutions.  It has operations in Cambridge, Massachusetts; Rotterdam, The Netherlands; and Suzhou & Shanghai, China.

The company previously completed an $85 million Series B round in August 2018.

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.