DEG leads round for Indonesian mRNA vaccine developer
German development finance organisation DEG has contributed USD 8m as the lead investor in a new funding round for Etana Biotechnologies Indonesia, supported by Yunfeng Capital, HighLight Capital, and East Ventures.
The overall size of the round was not disclosed. It follows a Series B, also of undisclosed size, led by Yunfeng in September 2022. HighLight took part in that round as well. Legend Capital took the lead role in Etana’s Series A in 2021, supported by Hong Kong-listed drug developer Innovent Biologics and UOB Venture Management.
The strong China representation in the company’s cap table – Yunfeng, Legend, and HighLight are all primarily China-focused – can be linked to the past experience of Nathan Tirtana, president director of Etana. He previously spent four years at Shanghai United Cell Biotechnology, a Chinese drug manufacturer that received VC funding.
Established in 2014, Etana claims to be the first pharmaceutical company in the ASEAN region to have mRNA technology. The technology is known for its flexibility and rapid progress from development to deployment – an mRNA vaccine can be ready for clinical trials in about two months.
Etana used its mRNA platform to produce a COVID-19 vaccine that has received emergency use authorisation from the Indonesian Food & Drug Authority (BPOM) and halal certification from the Halal Product Assurance Agency (BPJPH) under the country’s Ministry of Religious Affairs.
The company is also working on a biosimilar based on a monoclonal antibody drug that will be used to treat cancer patients in Indonesia, and it produces erythropoietin (EPO) used in dialysis treatment. Near-term plans include developing a range of vaccines that address adenoviruses, which are responsible for cold and flu-like symptoms. These products will be sold throughout ASEAN.
“We will use the support obtained from the investors to develop local biopharmaceutical production capabilities in line with the policies promoted by the Indonesian government. Etana aims to tackle challenges in oncology and other life-threatening diseases for the Southeast Asian market including vaccines,” Tirtana said in a statement.
Last October, Indonesian President Joko Widodo attended in the inauguration of the company’s new factory in East Jakarta. Projects highlighted at the time included the production of a COVID-19 vaccine with an mRNA platform in conjunction with China-based Yuxi Walvax Biotechnology and Suzhou Abogen Biosciences.
Xiao Huang, a managing director at Yunfeng, noted that as innovative drug development in China matures, local companies are keen to expand their coverage into Southeast Asia. Monika Beck, a member of DEG’s management board, highlighted the role Etana can play in improving access to high-quality medicines for underprivileged people.
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