Legend leads $29m round for Chinese biotech player

Founded in 2017, Sciwind develops treatments for conditions such as fatty liver disease, liver fibrosis, and cirrhosis that often result from either alcohol abuse or chronic hepatitis.

“We are dedicated to developing safe and effective new types of protein and polypeptide drugs that for treating serious nonalcoholic steatohepatitis (NASH). We are going to submit the applications for two of our drugs to enter clinical trials,” said Hai Pan, the company's chairman, in a statement.

NASH is a kind of liver inflammation caused by a build-up of fat in the liver. There are 20 million patients suffering from this condition in China, and 30% are at risk of developing liver cancer or cirrhosis. Obesity and diabetes have contributed to NASH cases increasing at a fast pace globally.

Pan claimed that Sciwind has an advantage over competitors also developing NASH treatments because it focuses on using biotechnology for new drug discovery. Like many other biotech start-ups that have emerged in China in recent years, the company's management mainly comprises Chinese scientists who have professional experience overseas. A number of Sciwind executives previously worked at Amgen, Novo Nordisk, and Prizer.

PE and VC investment in Chinese biotech companies has risen markedly in the past two years. According to AVCJ Research, $4.2 billion was deployed in the space last year, up from $568 million in 2014. Recent activity includes a $146.6 million round for Shanghai-based cancer drug developer HaiHe Biopharma and a $120 million Series B for Antegene.

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• Topics
• Greater China
• Healthcare
• Early-stage
• China
• healthcare
• Legend Capital