Harbour BioMed, a US-based immuno-oncology and inflammatory disease therapy developer backed by corporates Legend Holdings, SK Holdings and China Life, raised nearly $103m in series C funding yesterday.
Asset manager Hudson Bay Capital led the round, while OrbiMed, Country Garden VC, GTJA Investment Group, Octagon Capital, Sage Partners and Greater Bay Area Investment Fund also took part.
Founded in 2016 to acquire transgenic antibody developer Harbour Antibodies, Harbour BioMed is working on antibodies to treat cancer, inflammatory diseases and Covid-19.
The company has more than 30 programs in its pipeline and will use the series C funding to drive the final development and commercialisation of its late-stage assets. It will also use the money to advance its preclinical candidates.
The round comes after Harbour BioMed secured $75m in a March 2020 series B-plus round featuring SK Holdings and Legend Capital, the venture capital firm spun off by fellow conglomerate Legend Holdings.
The round also featured Zhejiang University Future Capital, GIC, Greater Bay Area Investment Fund, Advantech Capital, Efung Capital, Zheshang Venture Capital and JT New Century.
Singaporean sovereign wealth fund GIC had led the company’s $85m series B round in August 2018, investing with China Life Private Equity Investment Company, a subsidiary of insurer China Life, as well as Legend Capital and Vertex Ventures.
Advantech Capital and CDH Investments had supplied an undisclosed amount of series A-plus capital for the company seven months earlier, the former having joined Legend Capital in a $50m series A round in 2016.
