Capital Group leads Series E for China's Innovent Biologics
Capital Group Private Markets (CGPM), a private equity affiliate of US-based Capital Group Companies, has led a $150 million Series E round for Chinese biopharmaceutical developer Innovent Biologics.
This is the first investment in Innovent by CGPM, which focuses on emerging markets companies in the healthcare, consumer and business services sectors. Other new investors in the round include Ally Bridge, Rock Springs Capital, and Cormorant Asset Management, while existing backers Temasek Holdings, Hillhouse Capital, Legend Capital and Lilly Asia Venture also re-upped.
Founded in 2011, Innovent develops complex pharmaceutical products that are affordable to people both in China and worldwide. It currently has a pipeline of 16 drugs in areas including cancer, ophthalmology, autoimmune disorders, and cardiovascular diseases. Four of its drugs are in phase-three clinical trials, and one is awaiting final approval by China's Food & Drug Administration.
"After over six years of hard work, Innovent has successfully transformed itself from being primarily a drug discovery entity to a full-fledged drug development platform with a rich pipeline of innovative products," said Dr. Michael Yu, co-founder and CEO of Innovent, in a statement. "The completion of this new round of fundraising has enhanced our ability to accelerate and expand R&D activities as well as build up our commercial capability."
Innovent has received the support of a number of PE and VC backers. Fidelity Biosciences and Fidelity Growth invested $5 million in the company's 2011 Series A round, according to AVCJ Research, and were joined a year later by Lilly Asia for the $25 billion Series B. Legend Capital led the $100 million Series C in 2015, and a fund controlled by China's State Development & Investment Corporation led the $260 million Series D round in 2016.
CGPM claims to have invested over $2 billion in Asia's emerging markets through its private equity funds over the last 20 years. Its investments in the region include a commitment to Indonesian ride-hailing and delivery platform Go-Jek in 2016 as part of a $550 million funding round.
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