Korean drug developer raises $21.8m Series B round
TiumBio, a South Korean drug developer working on treatments for cancer, diabetes and hemophilia, has secured KRW23.5 billion ($21.8 million) in Series B funding.
The company sold 428,833 shares at KRW54,800 apiece to unnamed third-party investors, according to filings dated April 23 and May 24. TiumBio told local media that Korea Investment Partners, KTB Network, Korea Development Bank, IMM Investment, DSC Investments, Premier Partners, STIC Investments, Hyundai Investment Partners, and Kiwoom Securities took part in the round.
Korea Investment Partners and KTB Network provided KRW12 billion in Series A funding a year ago. The company, which was formed through a spin-out from SK Chemicals, claims its KRW35.5 billion in total funding represents a record sum for Korea’s biotech industry. CEO Hun-Taek Kim said the new capital would support new drug development and the acceleration of clinical trials in Europe.
TiumBio has one drug in phase-one clinical trials, a treatment that helps combat cancer in the uterus and prostate by suppressing the release of estrogen and testosterone. Three more drugs – focusing on cancer immunotherapy and fibrosis, type two diabetes, and hemophilia – are at the pre-clinical trial stage. The company describes itself as a specialist in rare disease therapeutics.
Private equity investment in Korean biotech and pharmaceuticals reached a record $945.6 million last year and the total for 2018 to date is $630.2 million, according to AVCJ Research. However, 90% of the capital went into two pharma deals: Bain Capital’s investment in botox manufacturer Hugel; and the carve-out of CJ Healthcare, which was led by a strategic player but had several minority PE investors.
VC commitments in the space amounted to $84.6 million in 2017, below the average of $109 million for the preceding five years. The government is keen to develop the domestic biotech industry, as evidenced by plans for a KRW113.5 billion fund to support life science start-ups through investments in industry and academia-linked R&D programs.
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