China GPs commit $160m to local ADC player

Other investors include Citic Securities, TigerYeah Capital, Wanhui Capital - which is controlled by Hong Kong’s K. Wah Group - and Zhejiang Kunjian Xintai Equity Investment, according to a statement. CDG is a five-year-old Hong Kong-based private equity firm that focuses on healthcare, high-end manufacturing, and technology, media and telecom (TMT).

ADCs, which kill tumor cells while sparing healthy cells, comprise an antibody linked to a cytotoxic drug. The antibody attaches itself to an antigen – typically a protein – that is only found in or on tumor cells. A biochemical reaction between the antibody and the antigen triggers a signal in the tumor cell, which absorbs the antibody and the cytotoxic drug. It is then destroyed by the drug.

Founded in 2012, DAC Biotech claims to have established a complete ADC creation platform. It has a pipeline of 24 treatments, of which three have entered clinical trials. In April, an ADC targeting ovarian cancer became the first treatment of its kind to receive clinical trial approval from China's National Medical Products Association (NMPA).

ADCs are one of several branches of immunotherapy attracting investor interest in China. RemeGen received $100 million in funding last year to accelerate the development of the first ADC to enter clinical trials in China. It has completed phase-two trials for gastric and urothelial cancers.

Meanwhile, Suzhou Medilink Therapeutics, another ADC specialist, raised $50 million in Series A funding across two tranches in March.

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• Topics
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