Ping An Capital, a corporate venturing subsidiary of insurance group Ping An, has co-led a RMB1.29bn ($186m) series B round for China-based oncology therapy developer Lepu Biotech, DealStreetAsia reported today.
The round was co-led by Riverhead Capital, a private equity firm backed by insurance firm Sunshine Insurance, and included Haitong Securities, the state-owned SDIC Unity Capital and a joint fund for Qingdao Minxin Qiyuan Investment and China Reform Holdings.
Formed as a subsidiary of medical technology manufacturer Lepu Medical, Lepu Biotech is developing immunotherapies to treat cancer. It has 12 drug candidates in its pipeline, seven of which have reached the clinical trials stage.
The series B funding will go to research and development activities, supporting clinical trials and the commercialisation of new therapeutics
The company initially raised $131m in a July 2019 series A round led by investment management firm Shiyu Capital that included Lepu Medical, heavy tool manufacturer Suzhou Shareate Group, Sumin Investment and China Development Bank Capital, a subsidiary of China Development Bank.
Suzhou Kington Capital then joined CBD Guochuang Kaiyuan Fund of Fund (FOF), a vehicle launched by China Development Bank’s CDB Capital subsidiary and Suzhou Ventures Group, to provide an undisclosed amount for Lepu Biotech in April this year, according to DealStreetAsia.
