Drug maker Innogen closes $120m to tap into China’s diabetes market

Source: Michael Longmire/Unsplash

Chinese drug maker Innogen Pharmaceutical Technology has raised $120 million in a new funding round to speed up the development and clinical trials of drug candidates, as well as the construction of its production base.

The new round was jointly led by the country’s private equity (PE) firm Youshan Capital and China Growth Capital (CGC), which focuses on early-stage investments in China.

CICC Qide Fund, a biomedicine fund managed by China’s CICC Capital; V Star Capital, which was created in 2016 from the spin-off of GGV Capital’s Chinese yuan fund management team; and Hong Kong-based financial services firm China Everbright Limited participated in the deal.

Other investors include Everest Venture Capital, DYEE Capital, Cash Capital, and Pudong Investment Holdings. Existing shareholders Lanting Capital and Cowin Capital re-upped.

Innogen, which specialises in drug development for the treatment of diabetes and metabolic disorders, plans to use the fresh capital to advance the development of its pipeline of multiple first-in-class drug candidates. The money will also fund the global Phase III clinical trials of its antidiabetic medication Supaglutide.

The startup will build a drug production base in compliance with the cGMPs, or current good manufacturing practices, which are guidelines set by the regulator to assure proper design, monitoring, and control of drug manufacturing processes and facilities.

Founded in 2015, the Chinese startup is growing in a market with the world’s largest number of diabetes patients. China has over 130 million adult diabetes patients, which account for nearly one-third of the number of diabetes patients globally, according to the World Health Organisation.

Chinese market researcher Daxue Consulting projects that diabetes patients in China could reach 150 million by 2040 if there is a lack of sufficient solutions. Its statistics show that the prevalence of such disease has jumped to over 10% in 2013 from less than 1% in 1980.

Before the investment, Innogen closed a funding round led by Korea Investment Partners (KIP) and Cowin Capital in April.

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.