Innovent Biologics, Inc., a Shangai, China-based biopharmaceutical company, raised $100m in Series C financing.
The round was led by Legend Capital with participation from new investors Temasek and two additional backers, which joined Fidelity Biosciences, Fidelity Growth Partners Asia, Lilly Asia Ventures and Frontline Bioventures, who were original investors.
The company intends to use the funds to advance its pipeline consisting of eight antibody products, which include one approved IND and four additional filed applications, and grow operations.
Led by Michael Yu, Ph.D., Co-founder, President and CEO, Innovent is dedicated to the development and manufacturing of complex biologics to be marketed in the Chinese market and elsewhere worldwide that meet EMEA and FDA/cGMP standards. The company’s strategy is to advance its internal pipeline of proprietary biologic drugs and establish in/out-licensing agreements with global pharmaceutical/biotech companies.