China’s Qiming Ventures leads $42m funding for Abbisko Therapeutics

Photo from Abbisko's website.

Shanghai-based Abbisko Therapeutics has closed a $42-million Series B funding round led by venture capital firm Qiming Venture Partners.

The funding round, which brought Abbisko’s total funding to date to $70 million, was joined by CICC Capital, Loyal Valley Capital, existing investors Lilly Asia Ventures and TF Capital Investments, and an undisclosed sovereign wealth fund.

Lilly Asia Ventures had led the company’s $28-million Series A round in 2017. According to the statement, Abbisko may need to seek financing again in about two years’ time.

Biopharma company Abbisko’s founding members previously held significant R&D leadership and management positions in several Fortune 500 pharmaceutical companies, including Novartis, Johnson & Johnson, Merck, Eli Lilly, and AbbVie.

“Abbisko focuses on unmet needs of patients especially those of Chinese patients, follow international standards for new drug development, and dedicate itself to the research and development of innovative therapeutics with global intellectual property rights,” the company says on its website.

With the fresh funding, the biopharma firm said it intends to start Phase I trials of ABSK011 and ABSK021, its most advanced compounds, in the coming months. ABSK011 and ABSK021 are small molecule inhibitors of FGFR4 for hepatocellular carcinoma (HCC) and CSF1R for solid tumours, respectively.

The company is initially focusing on developing therapies against clinically validated targets for indications that are prevalent in China, including HCC. It plans to eventually develop small molecules against novel targets.

Early this year, Qiming Venture Partners participated in a $55-million Series B round for Connect Biopharmaceuticals, a clinical-stage company focused on discovery and development of immune modulators for the treatment of auto-immune diseases.

Also Read:

Qiming Ventures to decide in a year if Southeast Asia deserves its own fund

China’s Qiming Venture Partners eyes biotech startups with global ambitions

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.