China biotech player Innocare raises $160m
China’s Loyal Valley Capital has led a $160 million funding round for Beijing Innocare, a biotechnology developer focused on immuno-oncology and autoimmune diseases.
Other participants include Sino-US healthcare-focused firm Vivo Capital, China healthcare investors Epiphron Capital and Shanghai Jianxin Capital, and Hong Kong-based 3H Health Investment. It follows a $55 million round led by Vivo last year.
The capital will be used to support product R&D and clinical trialing of an existing suite of drug candidates targeting various cancers and immune system related conditions that are planned to be marketed both in China and internationally. Innocare operates across two research facilities in Beijing and Nanjing, as well as a manufacturing facility in Guangzhou.
The company's lead cancer drug candidate has reached phase-two trials and is said to have secured global intellectual property rights. Another product aimed at treating a form of cancer in the liver and intestine known as cholangiocarcinoma has progressed as far as phase-one trials.
"[Innocare's] R&D pipeline is very rich, which is in line with our investment philosophy to treat major diseases that humans are facing," Lijun Lin, founding partner at Loyal Valley, said in a statement. "We look forward to sharing our experience and resources with Innocare in the next few years to help Innocare grow into a global leader in innovative drug research and development."
Loyal Valley invests across healthcare, advanced manufacturing, financial services, and media and entertainment. It established its debut fund of $390 million in 2017 and a successor vehicle is targeting $400 million. Last year, GIC Private and TR Capital backed a fund restructuring for the firm that involved a renminbi-to-US dollar conversion.
The firm claims to have backed more than 40 companies since inception in 2015, including Junshi Biosciences and Henlius Biotech, both of which filed for a Hong Kong IPO in December.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.