China-based oncology drug developer Antengene closed a $120m series B round backed by insurance company Taikang and pharmaceutical firms Celgene and WuXi AppTec yesterday.
Private equity firms Boyu Capital and FountainVest Partners co-led the round, while Qiming Venture Partners and TF Capital also contributed funding. WuXi AppTec invested through corporate venturing vehicle WuXi Corporate Venture Fund.
Antengene is developing cancer therapies with a focus on those with a high unmet medical need in China and the Asia Pacific region.
The company has five candidates in development, including lead assets ATG-008 and ATG-010, which respectively target hepatitis B virus positive hepatocellular carcinoma and types of cancer including multiple haematological malignancies and solid tumors.
The funding will support the further development and commercial launches of ATG-008 and ATG-010 and drive an expansion of Antegene’s pipeline through internal R&D and partnerships. Antengene is also building a manufacturing and research facility in the city of Shaoxing.
Celgene acquired a minority stake in Antengene in April 2017 through a licensing deal for ATG-008 covering East and Southeast Asia. Qiming led its $21m series A round in August 2017, investing alongside TF Capital, HG Capital and Tigermed Investment.
Jay Mei, Antengene’s founder, chairman and chief executive, said: “We are grateful for the support and recognition from these prestigious and well-established investors, and that we share a common vision of delivering cutting-edge therapies to help patients with life-threatening diseases.
“We look forward to creating value for patients, investors and our partners. This round of financing is critical for Antengene’s growth.
“We will continue to maintain and advance rigorous, science-driven, and patient-centred R&D, while actively preparing for the commercialisation of our lead products in China and the Asia Pacific region.”
