China’s Antengene raises $120m Series B round

Other participants include Celgene Corporation, WuXi Corporate Venture Fund, Taikang Insurance Group, and existing investors Qiming Venture Partners and TF Capital. The company raised a $21 million Series A in 2017 led by Qiming.

The fresh capital will be used to develop the company's existing programs and clinical-stage assets, expand the product pipeline through internal R&D and external partnerships, and prepare the commercial launch of late-stage drug candidates. The company has about 170,000 square feet of drug manufacturing and research facilities under construction in Shaoxing.

Antengene is developing treatments for multiple hematological malignancies and solid tumors, including multiple myeloma, diffuse large B-cell lymphoma, and liposarcoma. Other products focus on various cancers and anti-viral indications, including influenza, respiratory syncytial virus, and certain infectious diseases.

"In the coming decade, China will rapidly fill the gap in healthcare compared to western countries. This trend will continuously bring opportunities to innovative biopharmaceutical companies such as Antengene. But it also requires patient capital and financial investor with strategic angel. That's how FountainVest position ourselves," Zhen Li, managing director of FountainVest, said in a statement.

Investment interest in Chinese biopharmaceutical companies has been on the rise in light of the country’s rapidly aging population. Private equity and venture capital commitments in this space reached $5.02 billion in 2018, compared with $2.45 billion in 2017, according to AVCJ Research.

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• Topics
• Greater China
• Healthcare
• Early-stage
• China
• Boyu Capital
• Fountainvest Partners