China-based biotechnology company Adagene has raised $8m in a series A round backed by WuXi Venture Fund, the corporate venturing arm of biopharmaceutical company WuXi PharmaTech.
The round also featured Fidelity Asia Growth, the Asian corporate venturing unit of mutual fund manager Fidelity Worldwide Investments, and Fidelity’s life sciences investment unit Fidelity Biosciences.
Adagene, founded in 2011, partners with pharmaceutical and biotechnology firms to develop the next generation of therapeutic antibodies. It hopes to focus on internally developed therapeutics in the near future.