Insurance conglomerate Taikang Life and pharmaceutical firm Eli Lilly participated in a RMB400m ($59.7m) series B round for China-based biotherapeutics developer Hangzhou Just Biotherapeutics (Just China) today.
The round was led by Singapore state-owned investment firm Temasek and included financial services firm Bank of Hangzhou, Arch Venture Partners and Hangzhou Economic & Technological Development Area. Eli Lilly invested through corporate venturing unit Lilly Asia Ventures.
Just China was founded by Just Biotherapeutics, a US-based biotherapeutics technology developer, in February 2016.
The company uses Just Biotherapeutics’ research and development platform, J.Design, to take an integrated design approach to drug development, from molecular design through to the design of its manufacturing plants.
Just China has a pipeline of both original and biosimilar drugs, and expects to finish construction of its R&D and manufacturing facilities by the end of this year, before launching several clinical trials in 2018.
Just China has not disclosed any previous funding but Just Biotherapeutics raised $14m in a July 2016 series A2 round led by philanthropic organisation Bill and Melinda Gates Foundation that included Lilly Asia Ventures, Arch Venture Partners and pharmaceutical firm Merck.
Lilly Asia Ventures, Merck and Arch Venture Partners provided $15m in series A funding for Just Biotherapeutics in September 2015.
Yining Zhao, co-founder and CEO of Just China, said: “The successful series B financing indicates the continual faith of existing investors in Just China. We are also thankful to our new investors for their strong support.
“Healthcare innovation in China has already entered into a new era. With joint efforts from all parties, Just China is committed to demonstrating the innovation in our products and business model, to truly accomplish our mission of providing good quality biotherapeutics for all.”
– The original version of this article appeared on our sister site, Global Government Venturing.