Akeso, Inc. Completed Series-D Private Financing for close to US$150 Million
ZHONGSHAN, China, Nov. 9, 2019 /PRNewswire/ -- 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, announced the completion of its Series-D private financing for nearly US$150 million on November 1, 2019.
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.
Akeso,Inc is a clinical-stage biopharmaceutical company in China committed to in-house discovery and development of innovative mono- and bi-specific antibody drugs. Oncology is one of its key therapeutic areas of focus, and the Company has developed a pipeline of bispecific antibodies centered around PD-1 as the lead target. The products in advanced development include an anti-PD-1/CTLA-4 bi-specific antibody (AK104), an anti-PD-1 antibody (AK105), an anti-PD-1/VEGF bi-specific antibody (AK112) and an anti-VEGFR2 antibody (AK109). In immunology therapeutic area, the Company has built one of the broadest pipeline targeting autoimmune diseases among China-based pharmaceutical companies. Key product candidates in this area include anti-IL12/IL23 monospecific antibody (AK101) and an anti-IL17 monospecific antibody (AK111).
Loyal Valley Capital
Loyal Valley Capital is a private equity firm that mainly focuses on the investments in segments including new consumer (media, entertainment and education), healthcare and also covers specialty industrials and financial services. It has invested in a number of healthcare companies such as Junshi Biosciences and Henlius.
Sino Biopharmaceutical Co. Ltd. (1177.HK), listed on the Hong Kong Stock Exchange in 2000, is a decisive force in the Chinese pharmaceutical industry through its continuous reformation and innovation in the fields of R&D, production and sales, with the business covering pharmaceutical, medical, and massive health fields. In September 2018, it was ranked among the “Top 20 Best Listed Companies in Asia in 2018” by Forbes Chinese. This Company has a professional promotion team consisting of more than 10,000 employees, and nearly 1,000 kinds of products, covering all types of medical institutions at all levels across the country. It has launched more than 30 products with annual sales revenue of over 100 million CNY.
OrbiMed Capital is an investment firm dedicated exclusively to the healthcare sector. OrbiMed Capital invests globally across a spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed Capital manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles.
SOURCE Akeso, Inc.