Temasek leads $70m Series C for China's Abbisko Therapeutics

Several existing investors participated, including Qiming Venture Partners, Lilly Asia Ventures, CICC Capital, Loyal Valley Capital, Jianxin Capital, and GIC Private. It follows a $42 million Series B last year led by Qiming with support from Lilly, CICC, Loyal Valley, and TF Capital. The start-up has raised $140 million since inception in 2016.  

Abbisko is an oncology-focused biopharmaceuticals developer advancing four clinical programs and hoping to build out a pipeline of various earlier-stage projects in immuno-oncology and targeted therapy areas. Targeted therapy refers to a class of cancer-blocking drugs. The company is based in Shanghai Zhangjiang Hi-Tech Park. 

Two of the Abbisko’s clinical-stage projects were developed in-house and have received drug trialing approvals in the US, mainland China, and Taiwan. Phase-one trials have been either initiated or are in preparation in all of these jurisdictions, according to a statement. The other two clinical-stage candidates in the portfolio are being in-licensed from US-based X4 Pharmaceuticals and UK-based AstraZeneca.

Investment interest in China’s biotech space has escalated rapidly in recent years on the back of local policy liberalizations and rising demand for advanced treatments related to pollution and lifestyle changes. Private equity and venture capital investment in local biotech companies came to $1.3 billion last year, versus $1.6 billion in 2018, $1 billion in 2017, and $474 million in 2016, according to AVCJ Research.

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