Adagene, a China-based immuno-oncology drug developer backed by pharmaceutical firm WuXi AppTec and conglomerate New World Development, closed a $69m series D round on Wednesday.
Growth equity firm General Atlantic led the round with a $50m investment and the other participants were not disclosed. The company has now raised $155m in funding altogether.
Founded in 2012, Adagene is developing cancer immunotherapies and its two lead candidates, ADG106 and ADG116, are monoclonal antibodies. ADG106 is currently in phase 1 clinical trials for advanced or metastatic solid and liquid tumours in China and the US.
Adagene’s co-founder and CEO, Peter Luo, said: “Strong support from our new and existing investors endorses Adagene’s technology platform and strategy to develop differentiated immunotherapies in areas where others have failed.
“This financial commitment enables us to continue developing our lead clinical programs, ADG106 and ADG116, while extending the frontiers of our novel technology. We look forward to advancing our clinical pipeline and exploring strategic and synergistic opportunities to facilitate long-term sustainable growth.”
Venture capital firm Sequoia Capital China led Adagene’s $50m series C round in early 2018, which included WuXi AppTec and New World TMT, a subsidiary of New World Development.
Eight Roads Ventures, which invests on behalf of financial services and investment group Fidelity, also took part, as did Avic Trust, King Star Capital, Gopher Asset Management and unnamed other backers.
The company secured $28m in a 2016 series B round led by GP Healthcare Capital that included New World TMT, WuXi AppTec’s Corporate Venture Fund, Eight Roads Ventures China and fellow Fidelity unit F-Prime Capital.
WuXi Venture Fund had already joined Fidelity Asia Growth and F-Prime (then known as Fidelity Biosciences) to provide $8m in series A funding for Adagene two years earlier.
