Jacobio Pharmaceuticals, a China-based biotechnology producer backed by pharmaceutical firm Eli Lilly, has raised $55m in a series C round co-led by Qiming Capital and Hillhouse Capital, China Money Network reported today.
Investment management company Prudence Investment Management also backed the round.
Founded in 2015, Jacobio Pharmaceuticals is working on treatments for cancer as well as autoimmune and infectious diseases. Its lead candidate, JAB-3068, is an immunotherapy currently undergoing a phase 1 trial in the US.
Jacobio has launched RMB200m ($30m) corporate venture capital arm, Beijing Yitang Jacobio Venture Investment Center, that will focus on biotechnology startups. It will use the majority of the funding to support preclinical and clinical research and expand its R&D pipeline.
Jacobio previously obtained an undisclosed amount of series B capital led by Lilly Asia Ventures, a regional corporate venturing arm of Eli Lilly, with the support of Qiming in 2017. The company closed its series A round in 2016, though it has not revealed further details.
– This article was updated on August 31 to update the size of Jacobio’s fund to $30m. We apologise for the mistake.