Capital Group Private Markets kicked in $90 million to a Series E funding round for Innovent Biologics, a biotech company in China. New investors, including Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group, and existing investors, such as Temasek, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance, helped bring the total funding to $150 million.
Innovent Biologics, Inc., a leading biotech company in China, is pleased to announce the completion of its US$150 million Series E round financing.
This round of financing attracted high quality global institutional investors and biotech-focused funds. Capital Group Private Markets (CGPM) is part of U.S.-based Capital Group Companies, one of the world’s largest and most successful investment organizations, and led this round with a US$90 million investment. Nick Chen, Partner of CGPM, joined Innovent’s Board of Directors.
New investors including Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as the existing investors such as Temasek, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance participated in this round. The proceeds will be used to speed up and expand the company’s clinical programs and build a capable commercial team to promote its emerging pipeline of products.
“Led by Capital Group Private Markets, this round of financing reflects the global investment community’s recognition of our achievements and leadership. After over six years of hard work, Innovent has successfully transformed itself from being primarily a drug discovery entity to a full-fledged drug development platform with a rich pipeline of innovative products,” said Dr. Michael Yu, Co-founder, Chairman and CEO of Innovent. “The completion of this new round of fundraising has enhanced our ability to accelerate and expand R&D activities as well as build up our commercial capability.”
Leonard Kim, Managing Partner and Global Co-Chief Investment Officer of CGPM commented, “Given our continuous focus and track record in the healthcare sector in Asia, particularly in pharmaceutical industry, we are very excited about our partnership with Innovent. Under the leadership of Dr. Michael Yu, Innovent has established a world-class R&D platform, exciting pipeline assets and a biologic manufacturing facility that is operated in compliance with the highest standards. We believe Innovent is well-positioned to capture the historic opportunities about to arise in the next decade in the Chinese biologic sector.”
About Innovent Biologics
Innovent Biologics, Inc., founded in August 2011, is a leading biotech company in China. Innovent aims to produce highly complex biopharmaceutical products that will be affordable to people in China and around the world. Thanks to its consistent focus on innovation ever since its establishment, Innovent 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 our R&D capability, Innovent has also built a large-scale manufacturing base that is in compliance with GMP Standards of CFDA, FDA and EMA.
About Capital Group Private Markets
Capital Group Private Markets (CGPM) is part of Capital Group, one of the world’s most successful investment institutions founded in 1931, and manages approximately US$1.7 trillion in assets. Over the last two decades, CGPM has invested over US$2 billion in emerging markets in Asia through its private equity funds. CGPM partners in particular with leading companies in the healthcare, consumer and business services sectors, including those with disruptive and/or technology-enabled business models.