US-based oncology drug developer ArriVent Biopharma publicly launched yesterday having secured up to $150m in series A financing from investors including Lilly Asia Ventures, a vehicle for pharmaceutical firm Eli Lilly.
The round is being led by hedge fund manager Hillhouse Capital Group and consists of $90m in funding upfront, with the remaining $60m dependent on certain milestones being reached by the startup.
Healthcare investment firms OrbiMed and Octagon Capital Advisors are also participating in the round, as are financial advisory firm Lyra Capital and private equity firm Boyu Capital’s Zoo Capital venture capital subsidiary.
ArriVent has licensed a tyrosine kinase inhibitor called furmonertinib from China-headquartered pharmaceutical firm Allist Pharmaceuticals, which had secured regulatory for the drug in its home country for the treatment of metastatic non-small-cell lung cancer (NSCLC).
The company plans to study the impact of furmonertinib in GFR mutant NSCLC, and potentially other types of solid tumours, by the end of 2021, and intends to submit an investigational new drug application for it in the US.
Bing Yao, ArriVent’s co-founder, chairman and CEO, said: “Our strategy focuses on identifying compounds, such as furmonertinib, that have been validated through rigorous discovery and development processes in China and other emerging biotech hubs to help bridge these global biopharma innovations to the US, EU and beyond.
“Securing ex-China development, manufacturing and commercialisation rights to furmonertinib – a clinical-stage asset with best-in-class potential – is an important initial step toward potentially accelerating its global development for patients with difficult to treat cancers who presently lack viable treatment options.”
