Qiming leads $10m round for China biopharma player
Qiming Venture Partners has led a $10 million Series A round of funding for CANbridge Life Science, a Beijing-based biopharmaceutical firm.
TF Capital, a venture capital firm backed by TigerMed, a domestic contract research organization (CRO) and a Qiming portfolio company, also participated in this round.
Founded in 2012, CANbridge develops partnerships with Western biopharma companies with clinical-stage pharmaceutical, medical devices or diagnostic products that are either unavailable in China and Taiwan and South Korea, or address underserved medical needs in the region.
In November 2013, the company signed an exclusive licensing agreement with US-based Azaya Therapeutics to develop compounds for lung cancer treatment in China. CANbridge has also obtained distributions rights from EUSA Pharma, a subsidiary of Ireland-based Jazz Pharmaceutical, to commercialize Caphosol, a mouth rinse product.
The new funds will be used for business expansion and to support ongoing operations, according to a statement.
Multinational pharmaceutical and medical devices developers are becoming increasingly open-minded about licensing treatments for clinical trials in China, or transferring advanced technologies through local partnerships. The key driver is China's scale.
Healthcare expenditure - state-led and private consumption - reached to RMB3.2 trillion ($523 billion) in 2013, up 14% from 2012. Spending is expected to grow at 20% per year, driven by macroeconomic factors like urbanization and rising disposable incomes, but also by the fact that China's population is ageing. Chronic conditions such as diabetes, cancer and respiratory disease are becoming more prevalent.
Three months ago, Qiming led a $30 million Series A round for Zai Lab, a Shanghai-based biotech drug developer, with participation from KPCB, Sequoia Capital, TF Capital and TigerMed. The capital went towards clinical development programs as well as licensing efforts.
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