China-based biopharmaceutical company CStone Pharmaceuticals closed a $260m series B round yesterday featuring insurance provider Taikang and WuXi Healthcare Ventures, the strategic investment arm of pharmaceutical research firm WuXi PharmaTech.
The round, which was led by Singapore’s sovereign wealth fund, GIC, also featured 6 Dimensions Capital, the investment firm formed by WuXi Healthcare Ventures and venture capital firm Frontline BioVentures.
Sequoia Capital China, Yunfeng Capital, Citic PE, Arch Venture Partners, Hillhouse Capital, King Star Capital, 3W Partners, Avict, Terra Magnum Capital Partners, Oriza Seed Venture Capital and Boyu Capital rounded off the series B investors.
Founded in 2016, CStone is working on a combination therapies for diseases such as cancer, cardiovascular diseases, rheumatoid arthritis, haematology and autoimmune conditions, with a particular focus on immuno-oncology.
The company currently has more than 10 candidates in its pipeline, four of which have entered the clinical testing stage. The funding will primarily support the further clinical development of those four, which include a monoclonal antibody called CS1001.
CStone will also use the money to drive recruitment and expand its pipeline, both through internal research and development and external partnerships.
WuXi Healthcare Ventures previously participated in the company’s $150m series A round in 2016, investing alongside Oriza Seed Venture Capital and Boyu Capital.
Wei Li, managing partner of 6 Dimensions Capital, said: “As one of the founding investors, we are delighted to see CStone achieving such remarkable results in the advancement of innovative cancer immunotherapies and are convinced of CStone’s potential.
“We are thrilled to continuing our support of CStone and their quest for the development of high quality immuno-oncology based combination therapies and becoming the leading biotech company in China.”