CDH, Huaxing lead $120m Series B for China’s InnoRNA
CDH Investments and Huaxing Healthcare Fund have led a USD 120m Series B for InnoRNA, a China-based mRNA drug developer. Existing investors CPE and Fangyuan Capital re-upped.
The company was founded in 2019 by Linxian Li, a specialist in lipid nanoparticle (LNP) technology. LNP is a carrier vehicle that protects mRNA from degradation and aids intracellular delivery and endosomal escape.
The Series B proceeds will go towards the R&D into mRNA-based drugs and vaccines and the exploration of untapped therapeutic areas.
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. However, mRNA cannot enter the cell nucleus and it is easily degraded.
In 2019, Li’s work on synthesizing a large number of LNPs and then screening them to find suitable LNPs as carriers of mRNA vaccines was covered in the publication Nature Biotechnology.
InnoRNA claims to have built a resource library containing nearly 5,000 LNPs that can be screened for use in different treatment scenarios. The company has yet to disclose detailed information on its drug pipeline, simply saying in a statement that it has some treatments in pre-clinical development.
InnoRNA has an R&D team of nearly 200, including several senior managers with working experience working for international pharmaceutical companies. It operates out of a 4,500-square-meter R&D lab and a 2,500sqm pilot plant.
China's best-funded mRNA vaccine developer is Suzhou Abogen Biosciences. It closed a USD 700m Series C last year and followed up with a USD 300m extension led by SoftBank Vision Fund 2. Similar PE-backed companies include Stemirna Therapeutics.
The country has yet to see a home-grown mRNA vaccine enter the commercialization stage.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.