AsianScientist (Feb. 6, 2015) – Innovent Biologics, Inc., a privately held Chinese biopharmaceutical company focused on high-end biologics for the rapidly growing Chinese market and elsewhere worldwide, has raised US$100 million in Series C financing.
The financing was led by Legend Capital; other new investors included Singapore-based Temasek Holdings. These firms join Fidelity Biosciences, Fidelity Growth Partners Asia, Lilly Asia Ventures and Frontline Bioventures, who were original investors.
Proceeds from the financing will be used to advance Innovent’s pipeline consisting of eight antibody products, which include one approved IND and three additional filed applications, and the company’s operations.
Dr. Michael Yu, Co-founder, President and CEO of Innovent, stated, “We believe we have built a unique organization in that we’re able to not only develop and advance an internal pipeline of high quality biologic therapeutics, but we’re also well positioned to serve as an ideal partner for pharmaceutical and biotech companies seeking to further develop and market complex biologic drugs throughout Asia.”
Developed with the significant help of bioBAY and Suzhou Industrial Park, Innovent’s state-of-the-art research and development facility and manufacturing plants, which have a huge capacity for developing biologics, are among the very few in China designed specifically to comply with international requirements for cGMP, as defined by the European Medicines Agency and the US Food and Drug Administration.
Innovent’s campus, which already houses two 1,000 L bioreactors, will eventually offer an additional 15,000 L bioreactor and pilot plant for production of clinical materials and commercialization products upon completion. The 90,000m2 biopharmaceutical facility will be the largest biologics production facility in China designed to comply with international quality requirements.
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Source: Innovent Biologics.
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