China-based renal disease therapy developer Alebund Pharmaceuticals has received $60m in a series B round that included Lilly Asia Ventures, a corporate venturing vehicle for pharmaceutical firm Eli Lilly.
Life sciences venture capital firm Quan Capital led the round, which also featured healthcare-focused fund 3E Bioventures Capital, private equity firm Sherpa Healthcare Partners, VC firm Med-Fine Capital and an unnamed sovereign wealth fund.
Alebund is working on small molecule and biologics drugs to treat renal conditions including complications related to chronic kidney disease and dialysis, as well as Berger’s disease, diabetic kidney disease and autosomal dominant polycystic kidney disease.
The company’s lead product candidate is currently in a phase 2 clinical trial for an electrolyte disorder known as hyperphosphatemia, and Alebund expects to advance it into phase 3 trials in 2022.
The company was incubated by Lilly Asia Ventures in 2018 and the unit subsequently participated in a series A-plus round of undisclosed size for the company in 2020 that was co-led by Huagai Capital and Med-Fine Capital.
Yi Shi, Lilly Asia Ventures’ founding managing partner, said: “The Alebund team has deep expertise in renal disease and their pipeline has high potential not only in China but also globally. Lilly Aisa Ventures will continue to support the company in their tireless efforts to bring innovative, life-saving renal therapeutics to the market.”
