SHANGHAI, Nov. 29, 2016 /PRNewswire/ -- Innovent Biologics, Inc., a leading biopharmaceutical company in China dedicated to the discovery, development manufacturing, and commercialization of high-quality biologics, announced today that it has raised $260 million in its Series D financing.
Future Industry Investment Fund (FIIF), a private equity fund managed by SDIC Fund Management Corporation Limited (SDIC Fund Management), a subsidiary of State Development & Investment Corporation, led the financing, along with other blue chip investors including China Life Private Equity Limited, Milestone, Ping An and Taikang Insurance Group. Innovent's existing international investors, specifically Legend Capital, Temasek and Hillhouse Capital, also participated in this financing.
The funding will accelerate Innovent's continued development of its robust pipeline of biologic therapeutics, several of which have entered clinical evaluation. Since its founding in August 2011, Innovent has built a robust portfolio of 12 product candidates for cancer, autoimmune disorders, ophthalmology and cardiovascular diseases. Innovent has filed eight IND applications and has four products in clinical development, three of which are currently in phase 3 clinical trials. Innovent's achievements with its pipeline demonstrate the execution of the company's strategy to rapidly bring innovative biologics to patients in China, a market still underserved by the therapeutic advances attained by biologic drugs worldwide.
Michael Yu, Ph.D., Innovent Biologics co-founder, Chairman and CEO, stated, "With the support from our investors and the Chinese government, Innovent has made significant progress in developing our portfolio of high-quality innovative products, building cGMP global-standard manufacturing and establishing global partnerships. We are gratified that our achievements have been recognized by a group of leading investors including SDIC Fund Management, China Life, Milestone, Ping An, Taikang Insurance Group and others. This financing will enable Innovent to better leverage the emerging opportunity in China to quickly develop affordable and high-quality biologic products to treat Chinese patients."
Simon Dazhong Lu, Managing Director of SDIC Fund Management, commented, "The Chinese biotechnology industry is in a golden period of rapid development, and Innovent is leading the way as the premier Chinese biologics company. We have conducted comprehensive due diligence on Innovent's pipeline, drug development capability, product quality and manufacturing facilities, and believe that Innovent has huge potential and is expected to become a top-tier global biopharmaceutical company. We are pleased to invest and work with this elite team."
This Series D financing exceeded China's previous record for reported biopharmaceutical industry investment and is one of the largest biopharmaceutical industry fundraising events in the world for both private and public financing markets in 2016. The financing will primarily support the accelerated development of innovative biopharmaceutical products, the expansion of manufacturing capacity and continued operations under rigorous cGMP requirements. Through this Series D round, Innovent has gained significant financial support from respected domestic and international investors as it advances the development of China's biopharmaceutical industry as a whole.
About Innovent Biologics, Inc.
Founded in August 2011, Innovent aims to produce quality complex biopharmaceutical products that will be affordable to people in China and around the world. With its focus on innovation and global cGMP standards, Innovent stands out in China's biopharmaceutical industry and has attracted investments from world-class financial firms such as SDIC Fund Management, China Life, Ping An, Taikang Insurance Group, Legend Capital, Temasek, Fidelity, Lilly Asia Ventures and others. In 2015, Innovent entered a strategic alliance with Eli Lilly & Company to co-develop and co-commercialize multiple innovative biologics in China, while outside of China Lilly develops and commercializes multiple immuno-oncology biologics within the alliance.
About SDIC Fund Management Corporation Limited
Established in July 2009, SDIC Fund Management Corporation Limited is an independent, professional private equity company. It currently manages and advises more than RMB 50 billion of capital for a wide range of institutional investors including financial institutions, social security funds, and state-owned and private capital. SDIC Fund Management Corporation Limited is one of the largest professional private equity fund managers in China.
For more information, please visit www.innoventbio.com
For partnering inquiries:
Blake Salisbury, VP of Business Development
For financing inquiries:
Jinbo Wang, VP of Finance
Investor and Media Contacts:
Tiberend Strategic Advisors, Inc.
Investors Joshua Drumm, Ph.D.
Media Andrew Mielach
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SOURCE Innovent Biologics, Inc.