China-based biopharmaceutical company Canbridge Pharmaceuticals closed a $98m series D round yesterday co-led by pharmaceutical research and development firm WuXi AppTec and growth equity firm General Atlantic.
Contract research services provider Tigermed also contributed to the round, as did investment manager RA Capital Management, hedge fund Hudson Bay Capital Management and private equity firm YuanMing Prudence Fund.
WuXi AppTec and General Atlantic each have the option to provide up to an additional $10m in funding, should Canbridge meet certain conditions.
Canbridge focuses on medical conditions with an unmet need in China, targeting orphan diseases and certain cancers in particular. It has licensing, development and commercialisation deals in place with a range of drug developers.
The company’s pipeline includes Hunterase, which is licensed from biopharmaceutical firm GC Pharma and aimed at a rare genetic disorder known as Hunter syndrome, symptoms of which are highly varied and range from stunted growth and an enlarged head to aggressive behaviour.
The cash injection will allow Canbridge to accelerate and expand its pipeline, both through internal development and external partnerships, and to build out its commercial infrastructure.
Canbridge does not appear to have released details of its series C funding. It had raised $40m as of a $25m series B round in 2017 that was led by Lapam Capital and backed by WuXi AppTec, Qiming Venture Partners, Yuanming Capital, Yanyuan Capital and Biossom Investment Management.
The series B funding came in the wake of a $10m series A round that included TF Capital, a venture capital fund set up by Tigermed, in 2014.
