China-based biopharmaceutical company Innovent Biologics closed a $150m series E round yesterday featuring insurance provider Taikang Insurance and Legend Capital, the venture capital firm formed by conglomerate Legend Holdings.
Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical firm Eli Lilly, also participated in the round, which was led by private equity fund manager Capital Group Private Markets (CGPM) with a $90m commitment.
The round was filled out by Singaporean state-owned investment firm Temasek, Hillhouse Capital, Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group.
Founded in 2011, Innovent Biologics is working on a portfolio of treatments for cancer, ophthalmology, autoimmune disorders and cardiovascular diseases. It currently has 16 candidates in its pipeline including seven in clinical development.
The cash will enable Innovent to expand and accelerate its clinical programs and hire commercial staff. CGPM partner Nick Chen has joined the company’s board of directors.
The round follows reports in January 2018 that Innovent was exploring a $200m initial public offering that would value it at more than $1bn. The company has not provided further updates.
Innovent closed a $260m series D round in 2016 led by a subsidiary of China’s State Development and Investment Corporation and backed by insurance firms China Life, Taikang and Ping An as well as Legend Capital.
Temasek and Hillhouse also contributed to the series D round, which followed a $100m Legend Capital-led series C in 2015 featuring Lilly Asia Ventures, F-Prime Capital, a branch of financial services conglomerate Fidelity International, and Frontline Bioventures.
Lilly Asia Ventures and F-Prime Capital had already backed a $25m series B round for the company in 2012, after F-Prime had supplied an undisclosed amount in series A funding.