China drug developer Dizal raises $100m
Chinese drug developer Dizal Pharmaceuticals has raised a $100 million round led by Lilly Asia Ventures, with participation from Sequoia Capital, Trinity Innovation Fund, and Wuxi NewForce Fund.
The new funding will to help Dizal to establish headquarters in Wuxi New Area, a technology park, as well as support R&D and develop production and distribution centers. Dizal aims to build an innovative drug ecosystem that combines investors and operators across the supply chain.
Dizal was founded in 2017 as a spinout of the China unit of UK-based pharmaceuticals giant AstraZeneca backed by SDIC Fund Management, a GP under China’s State Development & Investment Corporation. The transaction delivered 50% ownerships to AstraZeneca and the Chinese Future Industry Investment Fund, which is backed by SDIC Fund Management.
Xiaolin Zhang, previously head of AstraZeneca’s Innovation Center China (ICC), was named as CEO at Dizal, and all staff employed by the ICC were invited to join the company. Dizal continues to have access to ICC, including exclusive rights to three drugs in pre-clinical development focused on cancer, cardiovascular and metabolic diseases, and respiratory conditions.
The company is also said to have received support from the Wuxi government during the past three years. It has now developed a number of products that are entering international multi-center clinical trials, according to Fei Chen, managing partner of Lilly Asia Ventures.
AstraZeneca claims to have invested around $750 million dollars in pharmaceutical innovation in China brought about 30 innovative drugs to the country since entering the market in 1993.
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