Innovent Biologics, Inc., a Hong Kong-based biotech company in China, completed its US$150m Series E round financing.
The round was led by Capital Group Private Markets (CGPM) with a US$90m investment, with participation from new investors Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as the existing investors such as Temasek, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance. In conjunction with the funding, Nick Chen, Partner of CGPM, joined Innovent’s Board of Directors.
The company intends to use the funds to speed up and expand clinical programs and build a commercial team.
Founded in August 2011 by Dr. Michael Yu, Chairman and CEO, Innovent Biologics is a biotech company that produces affordable complex biopharmaceutical products. It has built up a portfolio of molecules targeted at indications in cancer, ophthalmology, autoimmune disorders, and cardiovascular diseases.
There are currently 16 molecules in research, 7 of which in clinical development, 4 of them in Phase III trials, and 1 with BLA submitted to CFDA.
Among such molecules, five have been selected under the “national mega innovative program” and one has been awarded the “precision medicine research” grant under the National Key R&D Plan program in China. In addition to R&D capability, Innovent has also built a large-scale manufacturing base that is in compliance with GMP Standards of CFDA, FDA and EMA.