On February 18, 2020 CANbridge Pharmaceuticals Inc., a biopharmaceutical company developing innovative drug candidates to treat underserved medical conditions in China and other markets, reported the completion of a US$98 million Series D financing (Press release, CANbridge Life Sciences, FEB 18, 2020, View Source [SID1234554425]). The round was led by General Atlantic, a leading global growth equity firm, and WuXi AppTec. Each firm also has the option to invest up to an additional $10 million, upon the satisfaction of certain conditions by CANbridge. Additional participating investors in this round include RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund and Tigermed. The proceeds, the majority of which come from global investors, will be used to accelerate and expand the CANbridge rare disease pipeline through internal development and external partnerships, further build CANbridge’s commercial infrastructure and capabilities in China and supplement working capital.
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CANbridge has a deep rare disease pipeline, including Hunterase, for which it filed a New Drug Application (NDA) in China and has plans to commercialize the drug this year. In addition, CANbridge recently entered into the commercial stage with two approved oncology products, Caphosol, in mainland China, and NERLYNX (neratinib), in Hong Kong.
"That most of this capital raise comes from global life science investors, indicates the level of enthusiasm CANbridge is generating on the world stage as an industry leader in rare disease in China," said James Xue, PhD, Founder, Chairman and CEO, CANbridge Pharmaceuticals. "We look to the future, as CANbridge continues to advance as a commercial-stage company with the powerful backing and endorsement of such investors."
"CANbridge is an early mover and a leader in China’s rare disease market," said Lefei Sun, Managing Director and Head of Healthcare for China at General Atlantic. "The company has built a rich pipeline of candidates, and we believe that CANbridge is well-positioned to capture the substantial market opportunity in the Chinese biotechnology space. We are excited to partner with the CANbridge team to support the company’s vision to bring innovative therapeutics to patients across China."
"CANbridge is developing a compelling and deep pipeline of assets, focused around directly addressing the unmet needs of patients with rare genetic diseases in China and around the world," said Derek DiRocco, PhD, Principal, RA Capital Management. "The leadership team at CANbridge is equipped with an impressive background, anchored in the development of rare disease therapeutics, and is poised to build the regulatory and commercial infrastructure necessary to significantly advance the rare disease segment of China’s biotech industry. RA Capital is excited to partner with CANbridge, and shares in leadership’s vision of building an innovative biotech company that aims to deliver effective therapeutics to patients in need."