$200M A round from Vivo, Bain, Primavera forges Avistone

A near-decade-long journey for Beijing-based entrepreneur Hepeng Shi has led to one of the largest-ever series A rounds for a China biotech, with Vivo, Bain and Primavera investing $200 million in creating a newco from a pair of start-ups that the investors believe can deliver best and/or first-in-class targeted cancer drugs to patients in Greater China and beyond.

The deal brings together two companies led by Shi, Pearl Biotechnology Co. Ltd. and Adamadle Biotechnology, one with an in-licensed asset on the cusp of regulatory submission for local territories, the other with tyrosine kinase inhibitors developed in-house that are tabbed as future drugs for a global market. ...