Lyfe, Qiming lead Series B for China ADC player Medilink
Suzhou Medilink Therapeutics, a Chinese biotech company specializing in antibody-drug conjugates (ADCs) commonly used as targeted therapies for treating cancer, has raised a USD 70m Series B led by Lyfe Capital and Qiming Venture Partners.
Other investors include Legend Capital, Loyal Valley Capital and Highlight Capital. The proceeds will go towards clinical trials and new product development, according to a statement.
The company raised USD 50m in Series A funding across two tranches last year. The first was led by Apricot Capital, a local healthcare investor; the second came from Loyal Valley Capital and Qiming.
Medilink was established in 2020 by a team of industry veterans. Founder and CEO Tongtong Xue was formerly CEO of Kelun-Biotech, while Jiaqiang Cai, the chief scientific officer, was previously a small molecule and ADC drug R&D specialist at the likes of Shanghai Hansoh Pharmaceutical. COO Liang Xiao is another Kelun-Biotech alumnus.
The company submitted a formal clinical application for its first product to the US Food & Drug Administration (FDA) this month. The plan is to launch clinical trials simultaneously in China and the US later this year. Medilink is also collaborating with a number of other companies in developing a new generation of ADC drugs.
ADCs are a class of biopharmaceutical drugs that kill tumour cells while sparing healthy cells. They comprise an antibody linked to an anti-cancer payload. Antibodies attach themselves to an antigen – typically proteins – that is only found in or on tumour cells. A biochemical reaction between the antibody and the antigen triggers a signal in the tumour cell, which absorbs the antibody and the anti-cancer payload. This kills the cancer.
It is a relatively new market. There are currently 14 ADC drugs that have been approved for sale globally. Nature estimated in 2021 that global sales revenue of listed ADC drugs will exceed USD 16.4bn by 2026.
"Medilink has established a differentiated drug conjugate technology platform with independent intellectual property rights just 18 months after its establishment. Using our international network and industry resources, we will help the company build and expand its platform," said Gang Chen, a managing partner at Lyfe.
ADCs are one of several branches of immunotherapy attracting investor interest in China. RemeGen received USD 100m in funding last year to accelerate the development of RC48, the first ADC to enter clinical trials in China. This was followed by a CNY 1bn (USD 160m) Series C for ADC specialist DAC Biotech.
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