Qiming leads $42m Series B for China cancer drug developer

CICC Capital and Loyal Valley Capital joined the round as new investors. Existing backers Lilly Asia Ventures and TF Capital Investments also contributed. The capital will be used to advance two products to phase-one clinical trials and expand the company's drug discovery pipeline.

Abbisko’s most advanced products are compounds that inhibit the growth of tumors. It is focusing on therapies for conditions that are prevalent in China, including hepatocellular carcinoma, a type of liver cancer. Lilly, TF, Sinopharm Capital and Shanghai Jianxin Capital provided a $28 million Series A in 2017.

Biotech investment in China has been driven by a range of converging macro factors, including new listing rules in Hong Kong that conditionally allow zero-revenue start-ups to go public, an influx of returning Chinese biotech professionals, and growing drug supply gaps in various health conditions related to increased affluence.

Qiming has been an active investor in this space. Recent activity includes participation in a $120 million round for Antengene and a $55 million round for Connect Biopharmaceuticals, both of which focus on cancer. Last year, the VC firm closed its latest US dollar and renminbi-denominated funds at $935 million and RMB2.1 billion ($334 million), respectively. It also raised $120 million for a US healthcare fund that helps China and US-based start-ups expand in both markets.

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• Pharmaceuticals
• Qiming Venture Partners
• CICC
• Loyal Valley Capital
• Lilly Asia Ventures