China's Harbour BioMed raises $103m Series C
Chinese biotech start-up Harbour BioMed has raised $102.8 million in Series C funding. It comes four months after it closed an extended Series B round of $75 million.
The Series C was led by Hudson Bay Capital and included support from OrbiMed Asia, Country Garden VC, GTJA Investment Group, Octagon Capital, Sage Partners, and Greater Bay Area Fund.
The Series B included an initial investment of $85 million from GIC Private, Legend Capital, Advantech Capital, China Life Private Equity, and Vertex Ventures in 2018. The round was extended in March this year with another $75 million from a group including Greater Bay Area Fund and SK Holdings, among others.
Harbour develops immunology and oncology drugs. It has more than 30 programs in its pipeline, including five products in clinical development. The most advanced assets include a drug targeting autoimmune diseases that has received approval for human testing in China, a treatment for dry eye disease preparing for phase-three trials in China, and a cancer candidate in phase-one trials in Australia.
Harbour said it will use the fresh capital to advance its core portfolio as well as a growing COVID-19 program. The company has recently teamed up with two Dutch universities and US biopharma researcher AbbVie to develop an antibody with the potential to block COVID-19 infections. The project is also considered prospective in terms of mitigating outbreaks of future coronavirus-related diseases.
"Harbour BioMed has built an impressive clinical pipeline and at the same time created a solid foundation for next-generation therapeutics through its transgenic mouse platforms," Iris Wang, a managing director at OrbiMed Asia, said in a statement. "These preclinical programs along with the company's clinical assets create new opportunities targeting major indications with substantial global medical needs."
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