Hillhouse, CITIC PE commit $75m to Chinese cancer drug developer

The round also included existing angel and strategic investors, as well as an undisclosed US-based life sciences-focused public investment fund.

Headquartered in Beijing, BeiGene has a team of 150 scientists and staff focused on oncology. The company currently has three small molecule inhibitors in clinical development.

The new capital will be used for clinical development, with 2-3 new drug candidates expected to this phase in 2015, while funding is also required for additional early-stage pipeline programs.

"BeiGene has quickly distinguished itself not only with a top-tier scientific foundation, but an ability to consistently execute its development plan and drive different targeted and immune-oncology candidates into the clinic," said Ke Tang, vice president of CITIC PE, in a statement.

He added that BeiGene's partnerships with industry leaders such as Germany-based Merck Serono, coupled with other fast growth companies "make this an exceptional story that we are very pleased to support." In May, BeiGene was licensed by Merck Serono to develop cancer drugs in China.

Established in 2008, CITIC PE is a strategic onshore PE arm of CITIC Group and CITIC Securities. It has already raised one renminbi-denominated fund and one US dollar fund and is currently in the market with a second renminbi vehicle and a debut mezzanine fund.

Hillhouse Capital, which has $16 billion in assets under management, focuses on investments in the consumer, healthcare, internet and industrial sectors.

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• Topics
• Greater China
• Healthcare
• Venture
• China
• healthcare
• Citic Private Equity
• Growth capital
• Venture