Biopharmaceutical company Ascendis Pharma has invested $12.5m in China-based endocrine drug developer Visen Pharmaceuticals through a $150m series B round that closed on Saturday.
Sequoia China led the round, which included Pivotal BioVenture Partners China – a vehicle for property developer Nan Fung – as well as OrbiMed, Sherpa Healthcare Partners, Cormorant, HBM Healthcare Investments, Logos Capital, CDG Capital, Vivo Capital and Sofinnova Investments.
Visen is developing treatments for diseases affecting the endocrine system, a network of glands that secrete hormones to control parts of the body such as the metabolism or respiration. The series B funds will support clinical development of its three lead drug candidates.
The company was formed by Ascendis and its platform is based on Ascendis technology. Although it has not disclosed details of earlier funding it described Vivo Capital and Sofinnova Investments as existing investors.
Ascendis president and CEO Jan Mikkelsen, who is also a Viden board member, said: “Our relationship with Visen is a key element of our Vision 3×3 strategy to extend the global reach of our TransCon endocrinology rare disease product candidates and improve patients’ lives around the world.
“Since Visen’s inception in 2018, the company has made significant progress on its clinical activities in Greater China, which we believe will enable us to get our products to patients worldwide as soon as possible.”
