Fidelity backs China-based antibody specialist
Two Fidelity funds have participated in a Series A round of funding worth $8 million for Adagene, a China-based life sciences company that specializes in smart antibody technology.
Fidelity Biosciences and Fidelity Asia Growth provided the capital alongside WuXi Venture Fund, an investment arm of WuXi PharmaTech, a Chinese drug development and clinical trials outsourcing firm.
Founded in 2011 and based in Suzhou in Anhui province, Adagene is involved in the discovery and development of antibody therapeutics for partner companies as well as for its own internal pipeline.
The company has a proprietary antibody platform technology known as a dynamic precision library. It is claimed this technology transforms the scope and precision of antibody therapeutics through quality by design, with total process control. This has enabled Adagene to create a portfolio of highly developable libraries with high fidelity between design and construction.
In addition to working on its own treatments, the company is actively looking to establish partnerships with top-tier multinationals to develop antibody therapeutics.
"Adagene embodies the concept of world-class innovation, harnessing a depth of cutting-edge technology and resources to build a disruptive force to transform biopharmaceutical drug discovery and development," Thomas Beck, managing director and executive partner at Fidelity Biosciences, said in a statement.
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