China drug developer Adlai Nortye gets $100m Series D
Adlai Nortye, a Chinese biopharma player specializing in cancer treatments, has raised $100 million in Series D funding.
There were two lead investors for the round: CMG-SDIC Capital Management, a fund co-launched by China Merchants Group and the government-controlled State Development & Investment Corporation (SDIC); and Hong Kong-listed contract research organization (CRO) Tigermed.
Other backers include Legend Star, an industry fund managed by WuXi Biologics, Guolian Fund, Shenzhen-based Triwise Capital, Hong Kong VC firm ATCG, and Chinese social video platform Tian Ge Interactive Holdings, 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 four 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). Fast-track approval has also been granted to Pelareorep, an oncolytic virus drug in stage-two trials.
Adlai acquired an exclusive regional license for Pelareorep from Canada's Oncolytics in 2017. Another pipeline treatment - a solid tumor drug that has completed a phase-one study - was sourced from Japan-based Eisai in 2018. Adlai has exclusive rights excluding Japan and certain parts of Asia.
The company listed on the National Equities Exchange & Quotations (NEEQ), also known as the New Third Board, in 2017.
Cross-border healthcare specialist YuanMing Capital and Matrix Partners China led a Series B round of more than $50 million in 2018. DT Capital Partners and Yahui Investment also participated. Adlai's Series C closed at $100 million last September, with Tigermed and Shanghai-based Yingke PE taking the lead.
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