Milestone leads $35m Series B round for JHL Biotech
Milestone Capital has led a $35 million Series B round of investment for JHL Biotech, a Taiwan-based biopharmaceutical company.
The round involved a consortium of Taiwanese VCs, including: President International Development Corp., Fubon Financial Holdings, Taishin Financial Holdings, TaiAn Technologies, Hotung Group and Watson Pharmaceuticals founder Dr. Allen Chao. Existing backers China Development Industrial Bank (CDIB), Biomark Capital, and KPCB, also took part.
JHL was set up in 2012 to develop affordable biologic medicines, focusing on products that are both high-quality and cost-effective. Its early investors included KPCB, CDIB, Biomark and Sequoia Capital, which invested an undisclosed amount at the end of 2012. The company then raised another $10 million from Burrill & Co. last year.
According to a release, JHL will use the new funds to develop its proprietary antibody pipeline, accelerate its filing of investigational new drug applications, support the ongoing facility expansion in Taiwan and acquire additional equipment for a commercial manufacturing facility in Wuhan, China.
The firm completed the construction of its clinical manufacturing facility in Hsinchu, Taiwan on December 2013 and has since formed partnerships with domestic academic and government institutions and regional and global pharmaceutical companies to develop oncology and immunology drug candidates.
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