Week In Review: 2018 Results: China Life Science Investment Hits Record Levels

Investments in China life science set new records in all categories during 2018, reflecting the increasing development of the industry (see story). And these numbers are spectacular even in comparison to an already strong 2017. Here are the numbers for 2018:

  • $43 billion raised for new VC/PE funds targeting China life science investments, with average fund size increasing to $765 million;
  • $17 billion invested in China life science companies, up 36% from 2017, with another $8 billion in corporate investments;
  • $34 billion in value created in M&A deals, 53% higher than 2017, with average deal value exceeding $200 million;
  • $7 billion in IPO funding, an increase of 40%, with an average raise of over $250 million;
  • $14 billion in partnering activity, up 75% from $8 billion in 2017.

Deals and Financings

Beijing InnoCare Pharma announced it completed a $160 million financing to advance its portfolio of novel treatments for cancer and autoimmune diseases (see story). In February 2018, InnoCare raised $55 million in a funding led by Vivo Capital. The company uses internal R&D, in-licensings and international collaborations to develop first-in-class and/or best-in-class drugs. It has three cancer candidates in clinical trials, including several tests for its BTK inhibitor. The latest investment round was led by Loyal Valley Capital.  

Antengene, an innovative Shanghai biopharma, has completed a $120 million Series B financing led by Boyu Capital and FountainVest (see story). The company intends to use the financing to fund China clinical trials of its in-licensed lead programs, ATG-008 and ATG-010 (selinexor), and other clinical-stage assets. It will also expand its pipeline through internal R&D and external partnerships as it prepares for commercial operations. In 2017, Antegene raised $21 million in an A round led by Qiming Venture.  

HJB, a China based-bioprocessing specialist, will merge with MabSpace of Suzhou, a discovery/development biotech, to form Transcenta Holding (see story). The new company will have a pipeline of 10 innovative molecules. It plans to use HJB's capabilities to shorten the timeline from target to BLA, using its next-gen Hangzhou GMP facility to support development of in-house and partnered molecules. Dr. Xueming Qian, former MabSpace Founder, Chairman and CEO, will be CEO of Transcenta, while Dr. Jonathan Yining Zhao, Co-founder and CEO of HJB, will be its Executive Chairman. Financial details were not disclosed.  

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