Innovent Biologics raises $100 million in Series C financing

Innovent Biologics, Inc., a privately held Chinese biopharmaceutical company dedicated to the development and manufacturing of complex, high-end biologics to be marketed in the rapidly growing Chinese market and elsewhere worldwide that meet EMEA and FDA/cGMP standards, has raised $100 million in Series C financing. Legend Capital led the financing. Other new investors included Singapore-based Temasek and two additional well-respected investors. These firms join Fidelity Biosciences, Fidelity Growth Partners Asia, Lilly Asia Ventures and Frontline Bioventures, who were original investors.

Proceeds from the financing will be used to advance Innovent's pipeline consisting of eight antibody products, which include one approved IND and four additional filed applications, and the company's operations.

Michael Yu, Ph.D., Co-founder, President and CEO of Innovent, stated, "We're delighted to have the support of some of the most well-respected investors in the world for this round of financing. We believe we have built a unique organization in that we're able to not only develop and advance an internal pipeline of high quality biologic therapeutics, but we're also well positioned to serve as an ideal partner for pharmaceutical and biotech companies seeking to further develop and market complex biologic drugs throughout Asia. This financing enables us to continue progressing our internal pipeline of complex biologics while simultaneously furthering our operational capabilities as the premier biologics company in China meeting international development standards."

Developed with the significant help of bioBAY and Suzhou Industrial Park, Innovent's state-of-the-art research and development facility and manufacturing plants, which have a huge capacity for developing biologics, are among the very few in China designed specifically to comply with international requirements for cGMP, as defined by the EMA and FDA. Innovent's campus, which already houses two 1000L bioreactors, will eventually offer an additional 15,000 L bioreactor and pilot plant for production of clinical materials and commercialization products upon completion. The 90,000m² biopharmaceutical facility will be the largest biologics production facility in China designed to comply with international quality requirements.

Darren Cai, Ph.D., Executive Director of Legend Capital, said, "We believe Innovent is inimitably positioned to both successfully develop its own internal pipeline of biologic compounds and, with its extensive manufacturing capabilities and relationship with the Chinese government, offer partners a cost-efficient option for developing and selling biologic drugs in China and other markets."

Innovent's team brings extensive experience in the discovery, development and manufacture of biologics worldwide and were involved in the launch of products such as Bexxar, Conbercept, Humira®, Natrecor, Onocrine, Orencia® and others.