China-based oncology therapy developer Abbisko Therapeutics closed a $70m series C round today that included Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly.
Singaporean state-owned investment firm Temasek led the round, which also featured another Singaporean government investor, GIC, as well as Qiming Venture Partners, Jianxin Capital, CICC Capital and Loyal Valley Capital.
Founded in 2016, Abbisko is working on immuno-oncology and targeted oncology drugs to treat cancer. It has allocated the series C proceeds to advancing its four lead clinical programs.
The company currently has two drug candidates in phase 2 trials, one for multiple solid tumours and another for multiple solid tumours and an immunodeficiency disorder known as WHIM syndrome, in addition to a diabetes candidate in phase 1/2 trials.
Yao-Chang Xu, Abbisko’s founder and CEO, said: “The funds raised in the series C (round) will allow us to rapidly advance our clinical programs and continue to move forward the portfolio of novel cancer therapies in the discovery and early development stages”.
The company raised $28m in a 2017 series A round backed by Lilly Asia Ventures and Sinopharm Capital, which invests on behalf of pharmaceutical company Sinopharm, in addition to Jianxin Capital and TF Capital.
Qiming Ventures led Abbisko’s $42m series B round in March 2019, investing with Lilly Asia Ventures, Loyal Valley Capital, TF Capital, CICC Capital and an undisclosed sovereign wealth fund.
