Chinese drug developer Mabworks raises $159m Series C
Beijing Mabworks Biotech has raised a RMB1.13 billion ($159 million) Series C round led by CICC Capital, Lyzz Capital, CITIC Securities Investment, and Huge Capital.
Other investors include SDIC Fund, Lake Bleu Capital, BoCom International, Beijing E-Town International Investment & Development, Sealand Innovation, and Hong Kong-listed property developer Yuexiu Enterprises.
Mabworks raised RMB270 million in 2017 through a Series B led by Shenzhen GTJA Investment Group. Previous backers also include Harvest Fund Management and Mefund Capital, which contributed to a RMB100 million Series A in 2016.
Founded in 2013, Mabworks focuses on the development of antibodies that can be used to treat a range of cancers, including lung, gastric, and breast cancer. It has a pipeline of more than 15 products, with one drug having completed phase-three clinical trials, and five more currently in phase-two or phase-three trials. The new funding will support the commercialization of large-molecule drugs.
Recent activity in the antibody-drug space includes Akeso Biopharma raising a $150 million Series D led by Loyal Valley Capital and Sino Biopharm. The company is expected to list in Hong Kong next week.
Meanwhile, RemeGen raised a $100 million round led by Lilly Asia, with support from Lake Bleu, and HiFiBiO Therapeutics completed a $67 million Series C. RemeGen claims to have developed the first antibody-drug conjugate (ADC) drug to enter human clinical trials in China. HiFiBiO specializes in antibodies that mobilize the immune system to fight cancer and other diseases.
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