China's Coherent Biopharma raises $100m

HM led the initial Series B with support from Yuanfeng Capital, V Capital, 6 Dimensions Capital, Agricultural Bank of China International, and the Suzhou government.

Shengdi, an equity investment fund controlled by Shanghai-listed Hengrui Medicine, led an extension of the round with additional backing from state-owned Shanghai Lianhe Investment, Hefei Industry Investment, Hefei Hi-Tech VC and Suzhou Industrial Park Fund.

Established in 2016, Coherent focuses on the R&D and commercialisation of "bi-targeting XDC" drugs. Bi-targeting XDC is similar to antibody-drug conjugates (ADC), a class of biopharmaceutical drugs designed as a targeted treatment for cancer. It aims to kill tumour cells while sparing healthy cells.

Coherent claims to have developed a breakthrough cellular targeting technology that effectively delivers a desired drug payload to specific cells. The technology is hoped to deliver any bioactive molecule and to a range of molecules otherwise considered undruggable.

The product pipeline includes candidates focused on breast and ovarian cancer, lung cancer, and pancreatic cancer. There are also products addressing chronic diseases with organ site-specific targeting. There are several projects in early-stage trials in China and the US.

ADC is an active investment theme in novel drug development. Last April, China and US-based Adcentrx raised USD 38m in an extended Series A led by Eight Roads Ventures. Other China-based ADC specialists that have received VC funding include ProfoundBio and Medilink.

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• Topics
• Greater China
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• Expansion
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• China
• Pharmaceuticals