Chinese drug developer Adlai Nortye raises $100m Series C
Adlai Nortye, a Chinese biopharma player specializing in cancer treatments, has raised nearly $100 million in Series C round led by Hong Kong-listed contrast research organisation (CRO) Tigermed and Shanghai-based Yingke PE.
Additional contributions came from ATCG Holdings, ICBC Asset Management, and two funds affiliated with Yingke PE, according to a statement.
Founded in Hangzhou in 2016, Adlai established itself as a developer of peptide and protein drugs for metabolic diseases but has since expanded into the cancer treatment space.
It has three clinical-stage drugs under development, including Buparlisib, a breast cancer treatment that is in stage-three clinical trials and has received fast track approval from the US Food & Drug Administration (FDA). A second breast cancer drug, known as Reolysin, is also entering stage-three trials. Adlai acquired an exclusive regional license for it from Canada's Oncolytics in 2017.
The company has also completed a phase-one study for a solid tumor drug discovered by Japan's Eisai. Adlai bought the exclusive rights for all regions apart from Japan and certain parts of Asia in 2018.
The company listed on the National Equities Exchange & Quotations (NEEQ), also known as the New Third Board, in 2017. YuanMing Capital, a healthcare specialist that focuses on China-US cross-border deals, and Matrix Partners China led a Series B round of more than $50 million in 2018. DT Capital Partners and Yahui Investment also participated.
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