China-based cancer therapy developer HaiHe Biopharma has closed a RMB1.2bn ($171m) series B round featuring pharmaceutical group CSPC and Legend Capital, a venture capital offshoot of conglomerate Legend Holdings, DealStreetAsia reported today.
The round was led by private equity firm Warburg Pincus and also featured CMB International and CICC Capital, on behalf of financial services firm China Merchants Bank and investment bank China International Capital Corporation.
Chaos Investment, BioTrack Capital, Yingke PE, Atlas Capital, Alan AMC and Jiangsu Ruihua Investment Holding Group filled out the round, which was disclosed in a WeChat post by CEC Capital, the financial adviser for the transaction.
HaiHe is developing anti-tumour drugs using a biomarker-guided precision medical technology platform. It has 11 compounds in its pipeline, four of which are at the phase 3 clinical testing stage.
The series B proceeds will support ongoing clinical development of the company’s product commercialisation in addition to their global commercialisation. It was formed in early 2018 through the merger of Haihe Pharmaceutical and RMX Biopharma.
CSPC and pharmaceutical company Daehwa Pharmaceutical had joined Huagai Capital, Yingke PE, Hillhouse Capital, Atlas Capital, BioTrack Capital, Elite Capital and Chinese Academy of Sciences Venture Capital Management to provide $147m of series A funding for HaiHe in February 2019.
