China cancer treatment specialist Ionova raises $100m
Tsing Song Capital, a Chinese healthcare-focused private equity firm, has led a $100 million round for Ionova Life Science, a local biotech player specializing in cancer treatments.
Shenzhen Capital Group and the Great Bay Area Homeland Development Fund also contributed, while existing investors Lilly Asia Ventures, Dyee Capital re-upped.
Ionova was founded in 2016 by Yongkui Sun, who previously spent 20 years at global pharmaceutical giant Merck. Its main asset is INV-1120, which targets solid tumors in the colon, breast, pancreas, lungs, and liver. The treatment has entered phase-one clinical trials in the US.
The new capital will go towards accelerating the development of Ionova's cancer drug pipeline.
The company previously raised $17 million in a Series A round led by Lilly Asia Ventures in 2019, according to AVCJ Research.
Elsewhere within China's oncology space, Hutchison China MediTech (HutchMed) recently completed a Hong Kong share offering and Abbisko Therapeutics filed for an IPO in the territory. HutchMed has two fully commercialized cancer drugs in China, while Abbisko is developing differentiated small molecule oncology therapies.
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