Chinese drug discovery firm Hinova closes $147m Series C

Chinese drug discovery firm Hinova Pharmaceuticals Inc. has closed nearly 1 billion yuan ($147 million) in a Series C round of financing to support multi-centre clinical trials and the commercialisation of the firm’s drug candidates in China and internationally.

The round was backed by Shenzhen Investment Holdings, a state-owned investment firm in the southern Chinese city of Shenzhen; Chinese clinical contract research organisation (CRO) Hangzhou Tigermed; Beijing-based Huarong Rongde Asset Management; and Sinopharm-CICC, a healthcare-focused private equity fund jointly launched by CICC Capital and drug maker Sinopharm Group.

CCB International, a financial and investment service firm affiliated to China Construction Bank; Chinese investment firm Hongtai Aplus; and Sealand Innovation, a private equity arm of Chinese brokerage firm Sealand Securities also participated in the deal.

Other investors included China-focused fund manager Infinity Group; Founder H Fund, an equity investment subsidiary of China’s Founder Securities; and DNV Capital, a venture capital firm that focuses on healthcare and intelligent technology fields.

Founded in 2013, Hinova is primarily involved in the discovery, development, and industrialisation of drugs for the treatment of cancers and metabolic diseases.

The Chengdu-based firm has a pipeline of nine drug candidates, including HC-1119, which is being developed in Phase III of international multi-centre trials to treat metastatic castration-resistant prostate cancer (mCRPC) patients, and HP501, an anti-hyperuricemia and gout drug being developed in Phase II multi-centre clinical trials in China.

Hinova’s website shows that the firm is seeking to recruit a chief financial officer with experience in initial public offerings (IPOs) in Hong Kong and preferred expertise in the city board’s biomedical listings, which indicates that it might be mulling an IPO. Hinova did not immediately respond to DealStreetAsia’s request for comments.

In January 2020, Hinova had raised $32 million in a Series B+ round from six institutional investors including Chinese PE GF Xinde Investment. The firm had completed a Series B round of $40 million led by Hermed Capital, a PE firm that invests in global healthcare startups and China-based Fosun Pharmaceutical, in July 2019.

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Following vacancies can be applied for (only in Singapore).   

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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.