China-based pharmaceutical product developer Beijing Mabworks Biotech has closed RMB1.13bn ($160m) in series C funding from investors including industrial park Beijing E-Town Biomedical Park, DealStreetAsia reported yesterday.
The round was made up of two tranches co-led by investment bank China International Capital Corporation’s CICC Qide Innovative Biopharmaceutical Equity Investment Fund, investment bank Citic Securities, Lyzz Capital and Huge Capital.
Beijing E-Town’s International Investment & Development unit also took part in the round, as did Bocom International, a subsidiary of financial services firm Bank of Communications, along with asset manager Yuexiu Financial Holdings’ Industrial Fund, SDIC Unity Capital and Sealand Innovation.
Mabworks is developing monoclonal antibody-based treatments for diseases including cancer. It has some 15 assets in clinical trials in China and the US covering lung, breast and colorectal cancer in addition to leukaemia and infectious diseases.
Feng Li, chairman and president of Mabworks, was quoted by DealStreetAsia as saying: “We will further expedite our capacity in the emerging market, to provide affordable drugs for Chinese patients suffering from cancers and autoimmune diseases.
“Also, we do expect we can be more competitive by navigating the advantages in macromolecules research and partnerships with institutions.”
The round follows a $39m series B in 2017 led by Shenzhen GTJA Investment Group and backed by Beijing E-Town Biomedical Park, Harvest Capital Management and Mefund Capital.
MeFund Capital had led a $14m series A round for the company in 2014, and E-Town Biomedical Park was identified as an existing investor in the series B funding.
