Drug developer Just China raises $35m
Hangzhou Just Biotherapeutics (Just China), the Chinese joint venture of US drug developer Just Biotherapeutics, has received $35 million in Series B-plus funding led by Hillhouse Capital.
The investment comes 10 months after the company closed its Series B round at $57 million and takes the total funding since inception past $120 million. Numerous investors from the Series B – including Temasek Holdings, Lilly Asia Ventures (LAV), Arch Ventures, Taikang Insurance Group, Bank of China, and China Zheshang Bank – re-upped in the extended round, according to a company statement.
Just Biotherapeutics was established in Seattle in 2014 by former scientists at Amgen and Genentech, which is a subsidiary of Roche. The founders believed they could develop drugs with greater efficiency and at lower cost than multinational biopharmaceutical companies such as their ex-employer. LAV, Arch and the Bill & Melinda Gates Foundation are among the company's backers.
Just China was set up three years ago. It serves as a manufacturing center for the US technology platform – focusing on phase one antibody and protein therapeutics – as well as developing new drugs for the local market. The company employs nearly 100 scientists and has R&D and production bases in Hangzhou and Boston. Its product pipeline features treatments for cancer, rare hereditary diseases, and metabolic diseases. The Series B-plus will be used to support clinical trials.
Just China is also a product of LAV's incubation program, which began in 2015. Jonathan Zhao, previously head of Asia strategy for Amgen and Pfizer, joined the firm as a venture partner and launched two start-ups, Just China and Veritas Genetics. LAV provided seed funding. Zhao currently serves as president of Just China.
Incubation has become a popular strategy among early-stage life science investors in China, based on the rationale that many start-ups end up struggling because they don't have strong teams and products from the outset. Eight Roads Ventures and 6 Dimensions Capital are said to have similar programs, while Panacea Venture and Pivotal Bioventure Partners China have funds wholly devoted to incubation.
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