China biotech player Antengene raises $97m Series C
Fidelity Investments has led a $97 million Series C round for Chinese hematology and oncology biotech developer Antengene.
Qiming Venture Partners, Boyu Capital, GIC Private, and GL Ventures, an affiliate of Hillhouse Capital, also participated. It follows a $120 million Series B last year and a $21 million Series A in 2017. Previous investors include FountainVest Partners, HG Capital, TF Capital, WuXi PharmaTech, Tigermed, Taikang Insurance Group, and US biotech company Celgene.
Antengene develops treatments for a number blood diseases and tumors with a focus on Asia Pacific markets, especially China. The company has a pipeline of 12 products, including six that are described as first-in-class. It has obtained seven approvals for human trialing. There are 10 products currently undergoing cross-regional trials.
The fresh capital will be used to expand in-house R&D and commercialization resources across Asia and advance ongoing clinical work. Six candidates have achieved clinical-stage development, including drugs targeting non-Hodgkin lymphoma, lung cancer, and a type of bone marrow cancer called multiple myeloma (MM).
In Greater China, new MM cases reached 20,500 in 2018 and are expected to exceed 28,300 by 2030 due in part to aging demographics in the region. According to Frost & Sullivan, the size of the China MM therapeutics market will grow from $900 million in 2019 to $3.9 billion in 2030. The global market is set to hit $47.3 billion by 2030.
“This round of financing has drawn support from among the world's largest asset managers, top-tier healthcare investors widely recognized in the capital markets, and strong continuous support from our existing investors,” Jay Mei, founder, chairman, and CEO of Antengene said in a statement. “This is an important milestone to reinforce Antengene's capabilities to bring cutting-edge therapies to help patients with life-threatening diseases in the Asia Pacific regions and around the world.”
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