Shanghai-headquartered biopharmaceutical company LianBio has raised $310 million in an oversubscribed crossover financing round co-led by US healthcare-focused investment firm RA Capital and Venrock Healthcare Capital Partners, besides CMG-SDIC Capital – a 10 billion yuan ($1.5 billion) fund jointly launched by state-owned SDIC Fund and China Merchants Capital.
The round also saw the participation of a clutch of new investors such as American global asset manager BlackRock’s sub-fund Casdin Capital, Farallon, Logos Capital, Sphera Healthcare, an affiliate of T. Rowe Price Associates, Tybourne Capital Management, Vida Ventures, Pfizer Inc, Viking Global Investors, and Wellington Management, LianBio said on its website.
Meanwhile, LianBio’s founding investor Perceptive Advisors also re-upped its investment. Perceptive Advisors, a New York-based investment firm that specializes in life sciences, had partnered with Nasdaq-listed American biopharmaceutical firm BridgeBio Pharma, Myokardia, Navire Pharma and QED Therapeutics to set up LianBio in August 2020.
New York-based American leading investment bank and financial service company Jefferies LLC facilitated the transaction.
The corpus will be used to develop the company’s global innovation mining platform.
LianBio designs and provides innovative drugs and treatments that cater to China and other Asia markets. Led by CEO Bing Li, the company is looking to ramp up its efforts to diversify its pipeline of drugs for cardiorenal diseases and oncology.
“Building on the success and momentum of the company’s recent launch, this financing provides additional support for LianBio’s efforts to contribute to China’s dynamic life sciences landscape by addressing significant unmet medical needs in the region,” said Konstantin Poukalov, managing director, Perceptive Advisors and Executive Chairman of LianBio, in a statement.