HifiBio Therapeutics, a US-based biopharmaceutical company targeting cancer and autoimmune disorders, picked up $67m yesterday in a series C round that included conglomerate Legend Holdings and immunotherapy developer Kite Pharma.
IDG Capital led the round, which also featured Sequoia Capital China, VI Ventures, Lyfe Capital, Delian Capital and Hanne Capital. Legend participated through early-stage investment vehicle Legend Star.
Founded in 2013, HifiBio is developing an antibody drug pipeline aimed at cancer and autoimmune diseases, using its platform to more precisely target patient subsets and thoretically increasing the odds that a treatment will be successful.
The series C cash will allow the company to expand its platform and accelerate pipeline development as it gears up to move multiple assets into clinical trials. Tiger Hu of IDG Capital will join its board of directors.
HifiBio had previously closed a $37.5m series B round in May 2018 that was co-led by Sequoia Capital China and Lyfe Capital with commitments from Legend Star, Proxima Ventures, VI Ventures and Nest.Bio Ventures. The latter two had supplied an undisclosed amount of series A funding at an unspecified date.
