Huagai leads $43m round for China antibiotics developer
China-focused private equity firm Huagai Capital has a led a RMB300 million ($43 million) Series D round for antibiotics developer MicuRX Pharmaceuticals.
Sinopharm-CICC Medical & Healthcare Investment Management and Zero2IPO Asset Management joined the round.
Founded in 2007, MicuRX focuses on the antibiotics for multidrug-resistant (MDR) infections, known as superbugs. It has developed a pipeline of four drug candidates targeting the World Health Organization's list of 12 MDR bacteria considered the greatest risks to public health.
According to Zhiming Li, chairman of Sinopharm-CICC, the overuse of antibiotics has led to an increasingly serious problem of drug resistance. As a result, super antibiotics against drug-resistant bacteria have become an urgent need in China. MicuRX is hoped to fill this demand.
MicuRX's most advanced candidate has completed Phase 3 clinical-stage trials in 50 cities in China and has been proved effective in treating MDR bacterial infections with an improved safety profile related to bone marrow toxicity.
The company, which filed for a Hong Kong IPO in 2018 and 2019 without success, has filed a New Drug Application with the National Medical Products Administration (NMPA) of China and has obtained the priority review qualification granted by the NMPA.
Due to the urgent and unmet medical need for the treatment of superbug infections, China and the US have adopted various supportive policies to encourage the development and commercialization of treatments such as extended non-patent marketing exclusivity periods, expedited review and approval processes, and provision of financial grants.
MicuRX closed RMB100 million round led by Chinese affiliates of the existing investors Delian Capital and BVCF in 2017, according to AVCJ Research. This followed a $55 million Series C in 2016 led by GP Health Fund and $25 million Series B from Devon Park Bioventures, BVCF and Morningside Group in 2013. Morningside led a $12 million Series A in 2007.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.