Week In Review: DXY Raises $500 Million For Consumer Healthcare Site

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Deals and Financings

  • DXY.cn, a China healthcare platform, raised $500 million in an E round led by Trustbridge Partners with Tencent (TCEHY) and Hillhouse Capital’s GL Ventures participating (see story). DXY was formed 20 years ago as an information sharing and data collection site for doctors. More recently, it has expanded into  consumer healthcare, offering online doctor consultations and wholly-owned clinics for in-person visits. The new capital will increase the synergy between its physician support and consumer services, its two "pillars," according to DXY founder Tiantian Li. 
  • Beijing's Oceanpine Capital closed its Fund II with $400 million for China-US investments in advanced technology, including biopharma companies (see story). Founded in late 2016, Oceanpine used $400 million in capital from general partners for its first fund, including founder Dave Chenn, who built the conglomerate China Century Group. For the second fund, Oceanpine has raised money from external LPs alongside Oceanpine GPs. In the last four years, Oceanpine has invested over $1 billion in over 40 companies using Fund I and other investment vehicles.  
  • Medbanks Network Technology completed a $305 million Series E1 round led by Tencent and Jeneration Capital (see story). Medbanks is a Beijing-headquartered big data medical and healthcare services provider specializing in oncology. The company helps researchers, clinicians, and pharmas with data, helping pharmaceutical firms coordinate clinical trials for new drug and clinicians find the right treatment for a patient's particular cancer. Tencent has now participated in five Medbanks rounds.  
  • Shanghai's Zai Lab (ZLAB) in-licensed China rights to a next-gen EGFR inhibitor aimed at cells expressing mutant EGFR variants from Boston's Cullinan Oncology in an agreement worth up to $233 million (see story). Zai develops novel targeted oncology and immuno-oncology therapies along with products addressing infectious diseases for China use.  
  • Synyi AI, a Shanghai company that offers artificial intelligence technology for medical treatment, closed a $61 million Series D round led by CICC Alpha, a direct investment platform of China International Capital Corporation (CNICF) (see story). Synyi AI has been backed by China internet company Tencent, which participated in the funding along with Sunshine Insurance Group. Founded in 2016, Synyi AI provides hospitals, medical institutions, and drug makers with AI and big data technologies to improve their efficiency in clinical research, clinical diagnosis/treatment, and hospital management.  
  • Shenzhen ImmVira completed a Series C financing of undisclosed size. The company focuses on the use of oncolytic viruses and vector approaches for cancer drugs that promise increased safety and efficacy over other types of drug delivery (see story). The company will use the proceeds to fund an international multi-center trial for its lead product (MVR-T3011-IT) plus filing INDs and starting clinical trials for two additional pipeline candidates. In August, ImmVira out-licensed Greater China rights for MVR-T3011 to Shanghai Pharma (SHPMF) in an agreement worth up to $176 million.  
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