AAA Betta invests $20m in cancer treatment developer Xcovery

Betta invests $20m in cancer treatment developer Xcovery

Xcovery, a US-based developer of cancer therapeutics, has raised $20m in series C funding from China-based peer Betta Pharmaceuticals Company in its first deal with an American company.

In addition to the equity investment in Xcovery, Betta will gain Chinese rights to X-396, an anaplastic lymphoma kinase (ALK) inhibitor currently in a Phase 1-2 trials.

Founded by overseas returnee doctors in 2003, Betta has developed and commercialised a treatment for non-small cell lung cancer called Icotinib in China.

Xcovery raised $6m in its series B round in September 2012, receiving the cash from high net worth individuals and family offices with an interest in venture philanthropy.

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