Innovent Biologics, Inc., a Shangai, China-based biopharmaceutical company dedicated to the discovery, development manufacturing, and commercialization of biologics, raised $260m in Series D financing.
The round was led by Future Industry Investment Fund (FIIF), a private equity fund managed by SDIC Fund Management Corporation Limited (SDIC Fund Management), a subsidiary of State Development & Investment Corporation, with participation from with other blue chip investors including China Life Private Equity Limited, Milestone, Ping An and Taikang Insurance Group as well as existing international investors Legend Capital, Temasek and Hillhouse Capital.
The company intends to use the funds for the continued development of innovative biopharmaceutical products, the expansion of manufacturing capacity and continued operations under rigorous cGMP requirements.
Founded in August 2011 by Michael Yu, Ph.D., Chairman and CEO, Innovent has built a portfolio of 12 product candidates for cancer, autoimmune disorders, ophthalmology and cardiovascular diseases. The company has filed eight IND applications and has four products in clinical development, three of which are currently in phase 3 clinical trials.