RemeGen, a Yantai, China-based biopharmaceutical company, closed an approximately USD $100m private financing round.
The round was co-led by Lilly Asia Ventures and Lake Bleu Capital with participation from Vivo Capital, Janchor Partners, OrbiMed, Hudson Bay Capital and existing investors. Loyal Valley Capital and China Reform Conson Soochow Overseas Fund also invested through the purchase from existing shareholders.
Founded in 2008 led by Jianmin Fang, Ph.D., CEO, RemeGen is a biopharmaceutical company with fully integrated capabilities in research and discovery, clinical development, manufacturing and commercialization of biologic drugs. The company is focused on the research and development of innovative biologics in the therapeutic areas of autoimmune, cancer and ophthalmology diseases. In 12 years, RemeGen has built a prolific pipeline of over 10 innovative molecules with 2 molecules, spanning 5 disease indications, in Phase III or pivotal trials in China.
The company, which currently has one new drug application filed in China, intends to use the funds to continue to develop its early stage drug discovery platform, to expand its manufacturing facilities, and to advance the commercialization efforts of its two lead molecules, RC18 (telitacicept) and RC48. Telitacicept is a fusion protein with a new drug application filed in China for systemic lupus erythematosus (SLE). It is also currently in Phase II or Phase III trials for 6 other autoimmune disease indications. RC48, a HER2 ADC for the treatment of various solid tumors, is currently in pivotal clinical trials for gastric and urothelial cancers.