China-based biotherapeutics developer Hangzhou Just Biotherapeutics (HJB) closed a $35m series B+ round yesterday backed by insurance provider Taikang Life and Lilly Asia Ventures, the investment unit of pharmaceutical firm Eli Lilly.
Hillhouse Capital led the series B+ round, which also included Arch Venture Partners, BOCGI Zheshang Capital and Singapore state-owned investment firm Temasek.
HJB was founded by Just Biotherapeutics, a US-based biotherapeutics technology developer, in 2016. It focuses on areas including oncology, genetic rare diseases and metabolic disorders.
The company uses Just Biotherapeutics’ R&D platform, J.Design, and takes an integrated approach to drug development, from molecular design through to the design of its manufacturing plants. Its pipeline includes both biosimilar and original drugs.
HJB has raised more than $120m to date, according to its latest press release, and will use the latest funding to increase its R&D capabilities and expand its pipeline through partnerships.
Taikang Life and and Lilly Asia Ventures previously backed a $59.7m series B round in August 2017 that was led by Temasek and also included included financial services firm Bank of Hangzhou, Arch and Hangzhou Economic & Technological Development Area.
Just Biotherapeutics itself raised $14m in a 2016 series A2 round led by philanthropic organisation Bill and Melinda Gates Foundation that included Lilly Asia Ventures, pharmaceutical firm Merck and Arch.
Lilly Asia Ventures, Merck and Arch had already supplied $15m in series A funding for Just Biotherapeutics in 2015.