China's Alphamab Oncology gets $60m Series B

China Venture Capital Fund, PAG Growth Capital, and Advantech Capital also participated, as did Adrian Cheng, founder of Hong Kong shopping mall operator K11. The fresh capital will support a planned commercial launch for a cancer treatment that can be administered by needle without injecting directly into a vein.

It follows a $130 million Series A last year that was said at the time to be one of the largest early-stage rounds for a Chinese biotech company. That round has helped at least three products enter phase-two trials, including the injectable antibody and another cancer-targeting protein being developed in partnership with HEC Research Institute and TOT Biopharm.

"Alphamab Oncology leads the new-generation innovative biopharmaceutical industry in China," Shaojing Ma, a managing director at China Venture Capital Fund, said in a statement. "[W]ithin one year, the company has achieved rapid progress in R&D and clinical development, and various data has proven the tremendous growth potential of its products; with a more robust product pipeline, the company has demonstrated its capability to maintain world-leading R&D of innovative drugs."

Founded in 2009, Alphamab employs more than 100 scientists at a 60,000-square-foot R&D center in Suzhou. It is currently progressing some 30 active projects across fields including biosimilars, engineered proteins, and monoclonal antibodies, or mAbs. The company cooperates with groups such as the Shanghai Institute of Materia Medica and the Chinese Academy of Science. Other previous investors include OrbiMed, Heritage Provider Network, and Janchor Partners.

Investment interest in China's biotech space has escalated rapidly in recent years on the back of policy liberalizations and rising demand for advanced treatments related to rising pollution and widespread lifestyle changes. According to AVCJ Research, Chinese PE and VC investment in drug development increased from $306 million in 2014 to $4.2 billion last year. Cancer, diabetes and conditions related to obesity are among the primary target areas.

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• PAG
• Advantech Capital
• Pharmaceuticals