China's EOC Pharma closes $32m Series B

Existing backers Sequoia Capital China and H&Q Asia Pacific also participated. The capital will be used to advance mid to late-stage pipeline projects as well as to in-license additional late-stage oncology assets for the Chinese market.

“Investment from these top funds underscores the confidence in our strategy to advance differentiated, globally developed oncology products that can transform patients’ lives,” Xiaoming Zou, EOC’s founder and CEO, said in a statement. “Our team’s unique track record for strategic partnering and commercialization in China, along with our dedicated manufacturing and local development capabilities, position EOC to successfully leverage the improved clinical and regulatory environment and rapidly growing healthcare market in China.”

Based in Shanghai, EOC aims to build a fully integrated manufacturing, development and commercialization platform for a range of cancer treatments. It currently has a pipeline of six novel products from global biopharmaceutical partners that are considered potentially classifiable as first- and best-in-class.

This portfolio includes two small molecule products expected to enter phase-3 registration studies in China in 2018 for the treatment of breast cancer and gastric cancer, respectively. Additional products include biologics being developed for indications in immuno-oncology and tumor metastasis.

Taikang Industry Development Fund is a Shandong state-owned vehicle managed by Taikang Investment. The Taikang Insurance Group has recently been active in the Chinese healthcare space with a HK$815 million ($105 million) investment in children’s hospital operator Harmonicare Medical. The deal facilitated exits for CDH Investments and CCB International.

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• Topics
• Greater China
• Healthcare
• Early-stage
• China
• Sequoia Capital
• H&Q Asia Pacific
• Pharmaceuticals