Advantech, SDIC lead $76m round for China biotech player
Advantech Capital and SDIC Fund Management have led a $76 million Series A round for Chinese biotechnology company KBP Biosciences.
Additional participants in the round include Ping An Ventures, Sangel Capital, CASH Capital, Korea Investment Partners, and Cowin Capital Group. KBP will use the proceeds to expand its business and open its new global corporate headquarters in Philadelphia, along with supporting its drug development pipeline.
Founded in Jinan in 2002, KBP has several drugs under development focusing on cardiovascular, respiratory, inflammatory and autoimmune diseases, along with infectious diseases. Its leading candidate drug, a treatment for cardiovascular diseases, is expected to begin clinical trials in the US in early 2018.
SDIC Fund Management manages capital for the likes of China’s State Development and Investment Corporation and the National Council for Social Security Fund, focusing on investments in healthcare, advanced manufacturing, technology, media and telecom, and environmental protection.
In the last year, the GP has backed Chinese companies such as vaccine developer CanSino Biologics and drug developer Suzhou Ribo Life Science, and joined AstraZeneca to form drug maker Dizal Pharmaceutical.
Advantech was founded in 2016 by executives from Chinese GP New Horizon Capital and provides innovation-driven growth capital. Its healthcare investments include leading a $100 million Series B round for biotech start-up Zai Lab in 2016. Zai Lab went on to raise $150 million in its IPO on NASDAQ last year. None of the company’s VC backers sold any shares in the offering.
“Our investment in KBP Biosciences provides us the opportunity to work with an established biotechnology company in China with a strong science platform, including an impressive small molecule library and bacteria collection, which is attractive to potential partners with the commercial expertise to bring these medicines to market quickly and efficiently,” said Benjamin Yumin Qiu, a partner at Advantech, in a statement.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.