Hillhouse leads $60m Series B for China biotech player

GL Ventures was set up last month by sourcing about 20 staff from Hillhouse’s original VC investment team. It operates independently of its parent company, writing equity checks as large as RMB30 million ($4.2 million).

Founded in 2017, Iaso Bio focuses on cell therapies for cancer. It has more than 10 pipeline products, several of which are expected to enter clinical trials in China and the US in the next two years. Focus areas include hematological tumors, a group that encompasses leukemia and lymphoma, as well as stomach cancer and nasopharyngeal carcinoma, a kind of throat cancer. 

“We are deeply impressed by Iaso Bio’s diverse team and proactive culture,” Michael Yi, co-CIO at Hillhouse, said in a statement. “Iaso Bio boasts a unique development platform for fully human antibody, a solid CMC [chemistry, manufacturing, and controls] process for plasmid viruses and cell products, efficient corporate governance and innovative products with excellent clinical data.”

Yi describes biomedicine as one of Hillhouse’s most thoroughly and heavily investigated areas of interest. The GP's China portfolio in the sector includes I-Mab Biopharma, Transcenta Holding, Frontage Holding, and Hansoh Pharma, all of which have pursued IPOs in the past 12 months. Last year, Hillhouse joined Centurium Capital and CITIC Capital in a $4.6 billion bid to privatize China Biologic. 

GL Ventures, which has reportedly been seeded with a RMB10 billion fund, will focus significantly on biopharmaceuticals and medical equipment, providing investees with exposure to the Hillhouse network. Many companies originally backed by Hillhouse, including I-Mab, are now considered part of the GL portfolio.

GL’s other focus areas include enterprise software and services, consumer internet, and emerging consumer brands. 

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• Hillhouse Capital Management
• Pharmaceuticals