Decheng leads Series C for China's Impact Therapeutics

Lilly Asian Ventures also participated. The capital will be used in part for clinical development of a cancer treatment product known as IMP4297, which is said to have realized successful phase-1 trials in China and Australia.

"IMP4297 has shown potential to be a best-in-class drug in both pre-clinical studies and clinical trials," Xiangmin Cui, founder and managing director of Decheng, said in a statement. "Impact is an excellent Chinese company with products that can compete globally."

Founded in 2009, Impact focuses on novel therapeutics for cancer and other life-threatening diseases. The company received a $10 million Series B round in 2016 from a group of investors including Lilly Asia and China Summit Capital. Lilly Asia also contributed to a Series A of undisclosed size in 2014.

Biotechnology has been a booming investment area in China in recent years due to a number of policy liberalizations and rising demand for new drugs. According to AVCJ Research, Chinese PE and VC investment in drug development increased from $306 million in 2014 to $1.3 billion last year. This figure surpassed $2.1 billion in the first half of 2018.

Lilly Asia has been active in this space, backing a $40 million Series B round for Hong Kong's MabSpace Bioscience in May and a $60 million Series A round for US and China-based cancer analysis technology specialist Singlera Genomics in March. The GP closed its fourth healthcare fund at $450 million last year.

Decheng launched its third US dollar-denominated life sciences fund in May with a target of $450 million. The firm invests across China and the US via bases in Shanghai and Silicon Valley. Last year, it contributed to a $25 million round for China's EpimAb Biotherapeutics, which focuses on cancer treatments.

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• Lilly Asia Ventures
• Pharmaceuticals
• Venture