Chinese biotech firm Mabworks snags $160m in Series C1, C2 rounds

Chinese biopharmaceutical company Beijing Mabworks Biotech Co.,Ltd announced the completion of its Series C1 and C2 rounds of funding at 1.13 billion yuan ($160 million), according to an announcement.

The rounds have been led by CICC Qide Innovative Biopharmaceutical Equity Investment Fund, jointly led by CITIC Securities, healthcare-focused fund Lyzz Capital and Huge Capital.

A slew of other investors also participated in the funding round. These include names such as Bank of Communications’ subsidiary BOCOM International, Beijing E-Town International Investment & Development, SDIC Unity Capital, Yuexiu Financial Holdings’ Industrial Fund, and Sealand Innovation, among others.

CICC Capital, an investment vehicle of state-owned investment bank China International Corporation Limited, acted as the financial advisor. 

Mabworks, led by chairman and president Dr Feng Li, has developed a pipeline of over 15 assets in clinical trials in China and the US, which cover treatments such as lung cancer, breast cancer, colorectal cancer, leukaemia and infectious diseases. The company claims to have over 50 patents in and out of China.

Mabworks has had collaborated with HK-listed oncology and autoimmune diseases centered innovative drug maker InnoCare Pharma to develop a novel therapy for B-cell lymphoma, according to a press release shared in August 2019.  

“We will further expedite our capacity in the emerging market, to provide affordable drugs for Chinese patients suffering from cancers and autoimmune diseases. Also, we do expect we can be more competitive by navigating the advantages in macromolecules research and partnerships with institutions,” said Dr Li in a statement. 

Mabworks will use the proceeds to support its R&D and commercialize its macromolecule drugs.

Prior to the current investment rounds, Mabworks had raised tens of millions of dollars from a group of investors namely GTJA Investment Group, Medfine Capital, QS Capital, and Beijing Yizhuang Biomedical Fund in 2016. 

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.