Duality Biologics, a China-based developer of treatments for cancer and autoimmune disorders, closed a $90m series B round today led by Lilly Asia Ventures, an investment arm of pharmaceutical firm Eli Lilly.
WuXi Biologics, a contract manufacturing organisation spun off from pharmaceutical company WuXi AppTec, also took part in the round, as did Yunion Healthcare Fund, Huagai Capital, NRL Capital, Green Pine Capital Partners, Oriza Holdings and unnamed others.
DualityBio additionally revealed it has now secured $120m in funding altogether, with series A backers having included WuXi Biologics and WuXi AppTec-linked 6 Dimensions Capital, King Star Capital and undisclosed institutional investors.
It remains unclear whether the series A round accounts for the entire $30m or when it was raised.
Founded in January 2020, DualityBio has built a pipeline of 10 bispecific antibodies and antibody-drug conjugate drugs for cancer and autoimmune diseases. It will use the series B capital to support preclinical and clinical research, and to further expand its pipeline.
Yi Shi, founding managing partner of Lilly Asia Ventures, said: “We hold strong conviction of innovative therapeutics for oncology and autoimmune diseases, which offer huge market potential and fulfil the unmet medical needs worldwide.
“Companies with truly exceptional capabilities in innovation and globalisation will stand out, and DualityBio is clearly one of such companies.”
