On November 9, 2019 Akeso,Inc. (hereinafter referred to as "Akeso"), a Chinese biopharmaceutical company focusing on new innovative antibody drug discovery and development in oncology and immunology therapeutic areas, reported the completion of its Series-D private financing for nearly US$150 million on November 1, 2019 (Press release, Akeso Biopharma, NOV 9, 2019, View Source [SID1234550837]).
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The investment was led by Loyal Valley Capital ("LVC") and Sino Biopharmaceutical Co. Ltd. ("Sino Biopharm"), and co-invested by leading international healthcare specialists including Lake Bleu Capital, AIHC Capital, OrbiMed, along with other famed investors including Shenzhen Capital Group Co., Ltd ("SCGC"), CDG International Company limited, and etc.
The proceeds will fuel the clinical trials of new drug programs and the development of the Company’s R&D of innovative drugs pipelines. The funding will also help Akeso to continue to expand its global footprint including new clinical trials in USA, as well as to expand our manufacturing capabilities.
"We are very pleased to have received great recognitions from top investment institutions in biopharmaceutical industry. This round of financing has successfully drawn continuous supports from industry-renowned long-term investment funds, famous strategic investors, top-tier healthcare specialist funds widely recognised in the capital market, influential family office fund from Hong Kong and a multitude of existing shareholders," said Dr. Xia Yu, CEO, President and founder of Akeso,
With a vision of providing high quality and affordable antibody drugs for patients worldwide, Akeso is a clinical-stage biopharmaceutical company in China committed to in-house discovery and development of innovative mono- and bi-specific antibody drugs. Since its establishment in 2012 in China, Akeso has developed a broad product portfolio consisting of over 30 programs in oncology and immunology therapeutic areas. Many of these potential drug candidates are first-in-class globally including PD1/CTLA4, and PD1/VEGF. Akeso’s strong and comprehensive R&D capability is well recognized in the industry and endorsed by out-licensing AK107, an in-house discovered CTLA-4 monoclonal antibody drug candidate, to Merck in November 2015, and signing exclusive partnership agreement with Sino Biopharmaceutical Co. Ltd. (1177.HK) in June 2019 to co-develop and commercialize its internally developed AK105 (PD-1).
Ms. Iris Wang, Managing Director at OrbiMed commented, "OrbiMed seeks to invest in biopharmaceutical companies pursuing high-potential new drugs for important diseases with unmet needs. Akeso has developed a broad and innovative portfolio in both oncology and immunology therapeutic areas, and is showing promising results in clinical trials. We are excited to participate in this."
"We are very honoured to invest in Akeso. LVC focuses on supporting companies pursuing excellence and creating a world-class business. With a vision to become a global leader in the biopharmaceutical industry, Akeso has developed a comprehensive, strong and highly efficient in-house drug discovery and development platform since its inception. We are very impressed by its dedicated and highly experienced management team and the Company’s commitment of developing high quality, affordable, innovative antibody drugs for patients worldwide is very much in line with our investment philosophy. We look forward to sharing our experience and resources with Akeso and supporting the Company’s continuous growth," said Loyal Valley Capital’s managing partner Mr. Lin Lijun.
Mr. Tse Hsin, vice president of Sino Biopharm, said: "This is the Sino Biopharm’s first time as lead investor to invest in late stage financing of a private biotech company. This is another significant collaboration milestone between both companies after our joint-venture agreement in June to co-develop and commercialize Akeso in-house developed AK105 (PD-1). Sino Biopharm strives to develop drugs with outstanding clinical value, particularly innovative medicines. Our investment in Akeso is in line with our overall innovative strategies. Our investment symbolises that both companies are making solid progress towards developing pharmaceutical ecosystem, which aims to benefit more patients in China and beyond."
"Akeso has had a remarkable record of brilliant execution in the service of an ambitious vision. It is great pleasure to see a company with this much existing success as well as massive potential to achieve more," said Dr Li Bin, founder of Lake Bleu Capital.