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China's Innovent raises $100M in series C

January 21, 2015 8:00 AM UTC

Innovent Biologics Inc. (Suzhou, China) raised $100 million in an untranched series C round led by new investor Legend Capital. Singapore's Temasek and two other undisclosed new investors also participated, along with existing investors Fidelity Biosciences, Fidelity Growth Partners Asia, Lilly Asia Ventures and Frontline Bioventures. The round is the largest untranched private financing for a Chinese biotech, according to Innovent co-founder, President and CEO Michael Yu.

Yu told BioCentury a significant portion of the round will go toward developing Innovent's pipeline, which comprises 10 mAbs, including six novel complex biologics and four biosimilars. The lead program, IBI301, is a biosimilar of rituximab that is in a Chinese Phase I trial. Biogen Idec Inc. (NASDAQ:BIIB) and Roche (SIX:ROG; OTCQX:RHHBY) and its Genentech Inc. unit market Rituxan/ MabThera rituximab for cancer and autoimmune indications. ...