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Hillhouse co-leads $93m Series B for US biotech firm

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Hillhouse Capital and Quan Capital have led a $93 million Series B round for NextCure, a US-based biopharmaceutical company focused on cancer and other diseases.

Existing investors including Canaan Partners, Lilly Asia Ventures, and OrbiMed Advisors also participated in the funding round, according to a release. Ping An Ventures took part as well, alongside several other new VC and strategic investors.

NextCure's treatments are aimed at aiding the body's immune system in fighting tumors, with a particular focus on patients that have not responded to other treatments or have developed resistance. It uses a proprietary technology platform, called FIND-IO, to identify targets for the most effective treatment. 

Currently NextCure has two main drugs in its pipeline, one of which is in preclinical testing and planned to enter clinical testing by next year. The new capital will be used to accelerate development on these and other treatments. In addition, Eli Lilly, which invested $15 million in the funding round, will expand its existing collaboration with NextCure to improve the FIND-IO platform.

Hillhouse is currently investing from its latest fund, which closed earlier this year with commitments of $10.6 billion, representing the largest-ever fundraise in the region. It targets healthcare, consumer, technology, and services investments globally, with a focus on Asia.

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