ChinaBio Today Report / Apr 29, 2018
Innovent of Suzhou announced its series E financing of $150 million. Capital Group Private Markets (CGPM) is leading this investment with $90 million, followed by other investors including Cormorant Asset Management, Rock Springs Capital, Ally Bridge Group as well as return backers Hillhouse, Legend Capital, Lilly Asia Ventures and Taikang Insurance. CGPM partner Nick Chen will join Innovent’s board. After this round financing, Innovent is likely to seek IPO in Hong Kong or US in the end of 2018 or early 2019.
The company intends to use the funds to speed up and expand clinical programs and build a commercial team.
Founded in August 2011 by Dr. Michael Yu, Chairman and CEO, Innovent Biologics is a biotech company that produces affordable complex biopharmaceutical products. It has built up a portfolio of molecules targeted at indications in cancer, ophthalmology, autoimmune disorders, and cardiovascular diseases.
There are currently 16 molecules in research, 7 of which in clinical development, 4 of them in Phase III trials, and 1 with BLA submitted to CFDA.
Among such molecules, five have been selected under the “national mega innovative program” and one has been awarded the “precision medicine research” grant under the National Key R&D Plan program in China. In addition to R&D capability, Innovent has also built a large-scale manufacturing base that is in compliance with GMP Standards of CFDA, FDA and EMA.