Chinese biotech startup Lepu Biotech has raised an aggregate of 1.291 billion yuan ($186 million) in a Series B round co-led by Ping An Insurance (Group)’s investment vehicle Ping An Capital and Sunshine Insurance Group-backed private equity firm Riverhead Capital Investment Management.
Other new investors include state-owned SDIC Unity Capital, Haitong Securities’ Haitong Innovation Capital Management, and Qingdao Minxin Qiyuan Investment, and China Reform Holdings Corporation’s joint fund, Lepu announced on WeChat.
The fresh round follows the completion of an undisclosed equity interest investment earlier in April from Suzhou Kington Capital and existing investor CBD Guochuang Kaiyuan Fund of Fund (FOF), a state-owned private fund co-launched by China Development Bank’s CDB Capital and Suzhou Ventures Group.
The state-owned FOF had invested in Lepu Biotech back in July last year along with Shiyu Capital, Sumin Investment, Lepu Medical, Suzhou Shareate Group and Le Cheng Medical Care for a $130-million round.
Lepu Biotech will allocate the latest proceeds to accelerate R&D efforts, clinical trials and new drug commercialisation.
Lepu Biotech, set up by Lepu Medical’s founder Dr. Zhongjie Pu, develops affordable tumor immunology therapies. The two-year-old startup has developed as many as 12 pipeline products, seven of which are under clinical trials.
Ping An Capital has backed a slew of Chinese healthcare players including Hong Kong and Shanghai-listed WuXi AppTech, Hong Kong-listed drug-maker Innovent, Shenzhen-listed wound care product manufacturer and exporter Allmed, among others.