US, China-based Apollomics raises $100m Series B
CMB International Capital, a private equity unit of China Merchants Bank, has led a $100 million Series B round for US and China-based biopharmaceutical developer Apollomics.
OrbiMed Asia also participated along with China Renaissance K2 Ventures, Guangdong United Investment, Junson Capital, Panlin Capital, and South China Venture Capital. The fresh capital will be used to hire new talent and advance various oncology-related programs, including new and existing treatments.
Apollomics was incubated by OrbiMed in 2016 with a view to developing oncology "combination therapies" that leverage the body's immune system to target specific molecular pathways and thereby eradicate cancers. OrbiMed led a $9.7 million Series A round for the company in 2016.
The product pipeline consists of six assets, of which three are in phase-one stage clinical trials and one is in phase two. Apollomics has conducted at least 10 clinical trials to date. Operations extend across China, the US, and Australia. As part of the expansion planned under the latest funding, headquarters will be relocated from Hangzhou to Silicon Valley.
"We believe in the mission of Apollomics that through combination regimens we can achieve clinically meaningful, durable responses that will allow us to enhance outcomes for patients," Kexiang Zhou, a managing director at CMB International, said in a statement. Zhou will join the Apollomics board.
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