China-based cancer therapy developer Haihe Biopharma raised $146.6m yesterday in a funding round featuring drug producers CSPC Pharmaceutical Group and Daehwa Pharmaceutical.
Huagai Capital, Yingke PE, Hillhouse Capital, Atlas Capital, BioTrack Capital, Elite Capital and Chinese Academy of Sciences Venture Capital Management Co, which invests on behalf of the eponymous research organisation, also participated in the round.
Formed through the March 2018 merger of Haihe Pharmaceutical and RMX Biopharma, Haihe Biopharma is developing anti-tumour drugs and has a pipeline of 10 compounds undergoing clinical testing and a further five at the preclinical stage.
Haihe chairman Jian Ding was an academic at Chinese Academy of Sciences’ Shanghai Institute of Materia Medica, where he conducted molecular oncology research, while chief executive Ruiping Dong was formerly CEO of RMX.
The funding will support the progress of Haihe’s drug candidates, which include a breast cancer drug in phase 3 clinical trials and treatments for thymic cancer and pulmonary fibrosis.
