Boan Biotech, an antibody and biosimilar drug subsidiary of China-based pharmaceutical company Luye Pharma Group, closed a RMB682m ($106m) financing round yesterday that valued it at approximately $752m pre-money.
Financial services group Bank of China’s BOCG investment vehicle provided the funding alongside venture capital firm YuanBio Venture, private equity firm Advantech Capital, fund of funds Qianhai Ark, private equity fund BVCF, investment partnership Brill Capital and unnamed others.
Founded in 2013, Boan is developing antibody therapeutics for cancer, immunological disorders, pain and endocrine diseases. Luye Pharma had paid an undisclosed amount to acquire the company in 2019.
The company’s lead product candidate is being developed to target late-stage solid tumours and is working on chimeric antigen receptor T cell (CAR-T) technology.
Jiang Hua, the Luye Pharma vice-president who is also CEO of Boan Biotech, said: “The successful conclusion of this round of financing shows the capital market’s high confidence in Boan Biotech’s long-term strategy, capacity for innovation and development potential.
“With increased capital, we will be able to accelerate our global biopharmaceutical development, as well as the clinical development and launch of pipeline products, which will give a new impetus to the high-quality growth of the group and bring better returns to our investors.”
