Carlyle leads $123m Series D for China's Abbisko
The Carlyle Group - investing through its Asia growth fund - has led a $123 million Series D round for Chinese cancer-focused biotech developer Abbisko Therapeutics.
Sizeable supporting contributions came from Warburg Pincus, OrbiMed, and Lake Bleu Capital, as well as an unspecified US-based investor. Smaller commitments were provided by Janchor Partners, Sage Partners, Greater Bay Area Homeland Development Fund, Lilly Asia Ventures, Qiming Venture Partners, Hankang Capital, CICC Capital, and Temasek Holdings.
The three levels of investor are distinguished by deal terms and equity contributions, a source close to the situation told AVCJ.
It follows a $70 million Series C led by Temasek in February 2020 that also featured Loyal Valley Capital, Jianxin Capital, and GIC Private. Previous investors also include Sinopharm Capital and TF Capital. Total funding to date comes to $263 million.
Abbisko focuses on targeted therapy and immune-oncology areas with potential for the development of first-in-class or best-in-class small-molecule drugs. Small-molecule drugs are characterized by their relative simplicity as chemical compounds, which allows for a wider range of administration options, including oral.
The company has four programs in various clinical stages and has secured seven investigational drug approvals in different regions of the world. It will use the fresh capital to accelerate clinical programs and expand its preclinical pipeline. This will be supported by a number of existing partnerships with global players including AstraZeneca and X4 Pharmaceuticals.
“Abbisko has achieved significant research and clinical progress since its establishment in 2016, showcasing its strong R&D capabilities led by one of China’s most seasoned management teams,” Ling Yang, a managing director at Carlyle, said in a statement. “The company’s strong pipeline, in-house discovery engine, and experienced team make this a rare and exciting partnership and investment opportunity for Carlyle.”
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