China-based renal disease therapy developer Alebund Pharmaceuticals has completed a $54.5m series B-plus round that included Lilly Asia Ventures, a corporate venturing unit for pharmaceutical firm Eli Lilly, DealStreetAsia reported yesterday.
Venture capital firm 3H Health Investment and investment firm Morningside co-led the round alongside private equity firm Loyal Valley Capital.
YuanBio Venture Capital, Octagon Capital, Verition Fund Management, HT Capital, Quan Capital, 3E Bioventures Capital, Sherpa Healthcare Partners and an unnamed sovereign wealth fund filled out the list of participants in the round.
Alebund is developing small-molecule and biologic drug therapies for renal health conditions such as chronic kidney disease, diabetic kidney disease and autosomal dominant polycystic kidney disease. Lilly Asia Ventures incubated the company in 2018.
The series B-plus funding will go toward the development of Alebund’s clinical programmes as well as the construction of a new manufacturing site. The capital will also finance recruitment activities and research on the company’s preclinical assets.
Lilly Asia Ventures also took part in Alebund’s $60m series B round, which was led by Quan Capital in May this year and which also featured 3E Bioventures Capital, Sherpa Healthcare Partners, Med-Fine Capital and an unspecified sovereign wealth fund.
Lilly Asia Ventures had prevously taken part in a series A-plus round of undisclosed size for the company co-led by Huagai Capital and Med-Fine Capital in 2020.