China vaccine developer Abogen raises $700m
Suzhou Abogen Biosciences, a Chinese vaccine developer targeting COVID-19, has raised $700 million in Series C funding featuring Temasek Holdings, Loyal Valley Capital, and Lilly Asia Ventures.
Invesco Developing Markets Fund, GL Ventures, Yunfeng Capital, and Boyu Capital also participated. They were joined by Youshan Capital, Gaorong Capital, Firstred Capital, Octagon Capital, Kaiser, 5Y Capital, MSA Capital, Alwin Capital, Yingke PE, Tiger Jade Capital, AIHC Capital, Richfields Capital, Oriental Spring and Legend Capital.
Exising investors including Qiming Venture Partners, Highlight Capital, PICC Capital, BioTrack Capital, CTS Capital reupped.
The company raised RMB600 million ($92 million) in April led by PICC Capital and state-backed SDIC Venture Capital. The new funding will be used to accelerate development of a COVID-19 vaccine, expand the product pipeline, and construct a production plant.
Founded in 2019, Abogen has developed an mRNA vaccine for COVID-19 with the Academy of Military Medical Sciences and Walvax Biotechnology. The vaccine entered phase-one trials last June, becoming the first Chinese-developed mRNA treatment to reach this stage. At present, it has completed phase-one and phase-two clinical studies, and has started phase-three clinical trials.
Most vaccines insert a weakened or inactive germ into the body to trigger an immune response, producing antibodies, which in turn prevent infection on encountering a real virus. In contrast, mRNA teaches cells to make proteins that trigger immune responses. The BioNTech COVID-19 vaccine developed in Germany is an mRNA-based treatment.
Abogen has a self-developed mRNA technology platform. The company has established a product pipeline covering the fields of infectious disease prevention and treatment, and tumor immunity. A mRNA vaccine for shingles is about to enter the investigational new drug application stage.
Developing a COVID-19 vaccine is an ongoing effort in China. Clover Biopharmaceuticals, which raised $230 million in Series C funding in February, expects to initiate global phase-two and phase-three efficacy trials for its COVID-19 vaccine candidate in the first half of 2021. It has also initiated the development of a second vaccine that covers multiple variants.
Meanwhile, CanSino Biologics – which listed on Shanghai’s Star Market last August – has developed a COVID-19 vaccine, Ad5-nCov, with a research unit of the Chinese military. It has obtained commercialization authorization in China, becoming one of four vaccines currently available in China. The treatment has also been approved in Mexico and Pakistan.
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