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Chinese Biopharma closes $97m deal in a Series C round

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Antengene Corporation develops therapies in the haematology and oncology fields and aims to deliver its innovative drugs and combination therapies to diseases with high unmet medical needs in China and the Asia-Pacific region.

It announced on Monday that it has closed $97 million in a Series C round of financing.The Series C round was led by US financial services firm Fidelity Management & Research Company, which has $8.1 trillion in assets under administration, according to a statement.

New investors in the round include GL Ventures, a venture capital affiliate of Asia-focused private equity major Hillhouse Capital, Singapore’s GIC, and an unnamed long-term investor. Existing investors Qiming Venture Partners and Boyu Capital also participated in the round.

“This is an important milestone to reinforce Antengene’s capabilities to bring cutting-edge therapies to help patients with life-threatening diseases in the Asia Pacific regions and around the world,” said Jay Mei, founder, chairman and CEO of Antengene, in the statement.

Its drug discovery team is also focused on the research and pre-clinical development of innovative small molecules, monoclonal, and bi-specific antibodies for cancer treatment.

Proceeds from the investment will be primarily used to fund the continuing clinical development of Antengene’s pipeline of haematology and oncology therapies, expanding in-house R&D capabilities, and strengthening the company’s commercial infrastructures in the Asia Pacific market.

The company’s early-stage backer Qiming Venture Partners led its $21-million Series A round in 2017.

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