Bioshin, a China-focused commercialisation spinout of drug developer Biohaven Pharmaceuticals, has raised $60m in series A funding led by biopharmaceuticals-focused investment firm OrbiMed.
The round was filled out by Cormorant Asset Management, HBM Healthcare Investments, Surveyor Capital and Suvretta Capital Management.
Bioshin was formed in 2018 to supervise the Chinese registration of Biohaven’s neurological and neuropsychiatric drug candidates through late clinical development which target two transmitters – CGRP and glutamate – linked to neurological pain.
The pipeline includes Nurtec, a late-stage migraine treatment that works by blocking CGRP receptors linked to transmitting pain, and verdiperstat, a drug for the rare nervous system disorder multiple system atrophy.
Bioshin now expects to grow its headcount to 30 or 40, up from the four China-based employees delegated to earlier localisation processes.
The round comes in the wake of the firm promoting its China-based chief operating officer, Karl Lintel, to CEO in a signal it valued the Chinese market and might eschew the more typical route of striking up a local biopharmaceutical partnership.
Bioshin now aims to raise crossover funding longer-term followed by flotation on either the Shanghai or Hong Kong stock exchanges although it did not offer a precise time frame.