International Finance

Chinese biopharmaceutical Adlai Nortye secures $100 mn funding

Adlai Nortye funding_IFM_Image
The funding round was led by Hangzhou Tigermed Consulting and Yingke PE

China-based clinical trial biopharmaceutical startup Adlai Nortye has secured around $100 mn in its Series C funding round, the media reported.

The funding round was led by Hangzhou Tigermed Consulting and Shanghai-based asset manager Yingke PE.

Other investors that also participated in the funding round for Adlai Nortye include ATCG Holdings; ICBC Asset Management (Global) Company Limited, the overseas investment management arm of China’s ICBC Group; and several funds affiliated with Yingke PE.

Adlai Nortye secured around $53 million in its Series B funding round in 2018.

Besides operating in China, the startup also has a R&D and clinical operation centre in New Jersey.

Another China-based healthcare startup Sinovent secured around $145 million in funding in it its Series C funding round earlier this month.

The funding round was led by Loyal Valley Innovation Capital.

Other investors that also participated in the funding round include Hong Kong-based investment manager Oceanpine Capital, CICC Qide Innovation Biopharmaceutical Equity Investment Fund and China’s Jiuyo Capital.

Sinovent is engaged in the technical development, consulting and services of biological medicines covering therapeutic areas like oncology, autoimmunity, infectious diseases and others.

Sinovent currently operates in Suzhou, Beijing, Shanghai, Boston in US and Sydney in Australia.

China’s Chengdu Easton Biopharmaceuticals is planning to raise around $193 million in its Star Market initial public offering (IPO), the media reported.

Easton is offering 30.09 million shares at $6.4 per share. According to media reports, its shares has been oversubscribed by 4473 shares.

Easton will use the funds raised in its IPO for clinical trials and development.

Last year, the company’s revenue stood at around $947 million.

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