Vision Fund joins $300m round for China vaccine developer

Abu Dhabi-based Chimera Investments, Fortune Growth Fund, Jinyi Capital, New Frontier Capital, IMO Ventures, and Mirae Asset Group also took part. It follows a $700 million Series C that closed in August with commitments from the likes of Temasek Holdings, Loyal Valley Capital, and Lilly Asia Ventures.

The new funding will support accelerated clinical development and internationalization of Abogen’s mRNA portfolio and the implementation of technologies such as artificial intelligence to advance R&D, 5Y said in a statement. On a broader level, the company will expand its clinical pipeline and production capacity and increase the pace of commercialization.

Founded in 2019, Abogen has an mRNA and nano-delivery technology platform that focuses on infectious disease prevention and treatment, and tumor immunity. Most vaccines insert a weakened or inactive germ into the body to trigger an immune response, producing antibodies, which in turn prevent infection. In contrast, mRNA teaches cells to make proteins that trigger immune responses

The company developed an mRNA vaccine for COVID-19 with the Academy of Military Medical Sciences and Walvax Biotechnology. In June 2020, it became the first Chinese-developed mRNA treatment to enter phase-one clinical trials. The vaccine is currently in phase-three trials.

“We are very optimistic about the prospects of mRNA – it may even become the next ‘killer app’ in the field of science and technology,” said Xutian Jing, a managing director at 5Y. “With this new round, we can bring together the cumulative wisdom of investors in areas such as AI and computing and to further accelerate the company’s technological iteration.”

Several China-based biotech start-ups working on COVID-19 vaccines have received VC funding. CanSino Biologics – which listed on Shanghai’s Star Market last year – has won approval for a single-dose vaccine developed with a research unit of the Chinese military. Clinical trials are underway in Mexico.

Clover Biopharmaceuticals followed suit earlier this month, raising HK$2.03 billion ($260 million) through a Hong Kong IPO. It is working on a protein-based vaccine candidate that can survive at room temperature for at least two months and is expected to last even longer under refrigeration conditions.

Other Abogen investors include Invesco Developing Markets Fund, GL Ventures, Yunfeng Capital, Boyu Capital, Youshan Capital, Gaorong Capital, Firstred Capital, Octagon Capital, Kaiser, MSA Capital, Alwin Capital, Yingke PE, Tiger Jade Capital, AIHC Capital, Richfields Capital, Oriental Spring, Legend Capital., Qiming Venture Partners, Highlight Capital, PICC Capital, BioTrack Capital, and CTS Capital.

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• Topics
• Greater China
• Healthcare
• Expansion
• China
• Pharmaceuticals
• Growth capital
• covid-19
• Softbank
• 5Y capital
• New Frontier Group
• Mirae Asset Private Equity