Antengene Corporation Raises $120 Million in Series B Financing

January 1, 2019 |

7 min read

Antengene Corporation (Antengene), a clinical stage therapeutics company focused on oncology, announced today that it has completed a $120 million Series B financing.

SHANGHAI and SHAOXING, China, Jan. 1, 2019 /PRNewswire/ -- Antengene Corporation (Antengene), a clinical stage therapeutics company focused on oncology, announced today that it has completed a $120 million Series B financing. The Series B financing was jointly led by Boyu Capital and FountainVest, with participation from Celgene Corporation, WuXi Corporate Venture Fund, and Taikang. Previous investors, Qiming Venture Partners and TF Capital, also participated in this round. This new round follows a $21 million Series A financing in 2017, led by Qiming Venture Partners.

Founded in 2017, Antengene is a biopharmaceutical company that focuses on the development and commercialization of novel therapeutics. Headquartered in China, Antengene is committed to delivering innovative drugs and combination therapies to diseases with high unmet medical needs in China and the Asia-Pacific region.

Proceeds from the financing will be primarily used to fund the continuing development of the company’s lead programs ATG-008 and ATG-010 (selinexor) and other clinical-stage assets, to expand the company’s pipeline through internal R&D and external partnerships, and to prepare the commercial launch of late-stage drug candidates. A 169,984 square feet manufacturing and research facility in Shaoxing, China, currently undergoing construction for GMP manufacturing, will provide both the clinical and commercial drug supply for the company’s pipeline products.

ATG-010 (selinexor) is a first-in-class Selective Inhibitor of Nuclear Export (SINE) compound in late clinical development for the treatment of multiple hematological malignancies and solid tumors, including multiple myeloma, diffuse large B-cell lymphoma, liposarcoma, etc. ATG-008 is a second generation TORC1/2 inhibitor currently in late stage development for the treatment of hepatitis B virus positive (HBV+) hepatocellular carcinoma. This program has also been selected as a “Key Project for Novel Drug Development in China”.

“We are grateful for the support and recognition from these prestigious and well-established investors, and that we share a common vision of delivering cutting-edge therapies to help patients with life-threatening diseases. We look forward to creating value for patients, investors and our partners,” said Dr. Jay Mei, founder, chairman, and CEO of Antengene. “This round of financing is critical for Antengene’s growth. We will continue to maintain and advance rigorous, science-driven, and patient-centered R&D, while actively preparing for the commercialization of our lead products in China and the Asia-Pacific Region.”

Commented Yanling Cao, Managing Director of Boyu Capital, “As a long-term investor in China’s biopharmaceutical industry, Boyu Capital is much honored to be the lead investor in the Series B financing of Antengene. We view in-licensing of first-in-class/best-in-class drug candidates as an effective solution to the unmet clinical needs in China. In addition, we are very impressed with the progress that Antengene is making and the pipeline they are building. Therefore, we are excited about the opportunity to work with the exceptional team at Antengene and bring novel therapeutics to Chinese and Asian patients.”

“In the coming decade, China will rapidly fill the gap in healthcare compared to western countries. This trend will continuously bring opportunities to innovative biopharmaceutical companies such as Antengene. But it also requires patient capital and financial investor with strategic angle. That’s how FountainVest position ourselves,” said Zhen Li, Managing Director of FountainVest. “We are delighted and fortunate to lead this round of investment in Antengene, and look forward to best deploying FountainVest’s resources and expertise in the field to contribute to the healthcare industry in China and the rest of Asia together with Antengene.”

About Antengene

Antengene Corporation is a clinical-stage biopharmaceutical company focused on drug discovery, clinical development and the commercialization of innovative therapeutics to meet unmet medical needs in Asia. Antengene aims to provide the most advanced and first-in-class anti-cancer drug treatments for patients in China and rest of Asia. On April 13, 2017, Celgene Corporation (NASDAQ: CELG), a global leading innovative biopharmaceutical company became a long-term strategic partner and obtained an equity position in Antengene. Antengene’s pipeline includes five clinical stage products, ranging from Phase 2/3 to NDA stage, including ATG-010 for relapsed/refractory multiple myeloma, lymphomas and solid tumors, and ATG-008, which is in a multi-regional clinical trial that is currently enrolling late stage HCC patients in Taiwan, South Korea and mainland China. Two other Phase 1 and Phase 2 clinical stage drugs, ATG-016 and ATG-019, are being studied in multiple cancer types, including MDS, colorectal and prostate cancers. ATG-527, studied in a completed Phase 1 trial, is being explored for multiple anti-viral indications, including influenza, respiratory syncytial virus (RSV), and Epstein-Barr virus (EBV) related diseases. For more information, please visit www.antengene.com.

About Boyu

Boyu Capital is one of the largest private investment firms in China. With offices in Beijing and Hong Kong, Boyu has provided long-term capital and operational expertise to some of the best-managed and most innovative companies across the media/technology, healthcare, consumer/retail, and financial services industries.

About FountainVest

Founded in 2007, FountainVest Partners (“FountainVest”) is one of the most established independent private equity firms in Asia. FountainVest focuses on long-term oriented investments in industry leaders, partnering closely with management teams to drive growth and create value in diversified areas, including strategy, operations, finance, and industry consolidation. FountainVest has completed a number of successful landmark investments in Asia, Europe, and the United States. Sectors of focus include Consumer, Media & Technology, Healthcare, Industrials, and Financial Services. FountainVest is backed by some of the largest sovereign wealth funds and public pensions plans around the world, with assets under management of close to USD 5.0 billion.

About Celgene Corporation

Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation.

About WuXi AppTec

WuXi AppTec (603259.SH/2359.HK) is a leading global pharmaceutical and medical device open-access capability and technology platform company with global operations. As an innovation-driven and customer-focused company, WuXi AppTec provides a broad and integrated portfolio of services to help our worldwide customers and partners shorten the discovery and development time and lower the cost of drug and medical device R&D through cost-effective and efficient solutions. With its industry-leading capabilities such as small molecule drug R&D and manufacturing, cell therapy and gene therapy R&D and manufacturing, drug R&D and medical device testing, WuXi platform is enabling more than 3,000 innovative collaborators to bring innovative healthcare products to patients, and to fulfill WuXi’s dream that “every drug can be made and every disease can be treated.”

About Taikang

Founded in 1996, Taikang is a leading insurance and financial service group in China. The company operates through three main businesses including insurance, asset management and health and elderly care. By end-2017, assets under management by Taikang exceed RMB1.2 trillion. With a major investment focus in healthcare, Taikang has invested in a number of companies such as Wuxi AppTec, Mindray Medical, and Innovent Biologics.

About Qiming Venture Partners

Founded in 2006, Qiming is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou and Hong Kong. In 2016, Qiming raised a US healthcare fund, and set up Qiming US office in Seattle. Currently Qiming manages five US Dollar funds and four RMB funds with US$2.7 billion assets under management.

About TF Capital

TF Capital focuses on investment in the life sciences industry, primarily investing in early stage companies with high potential. Through strategic investments in various key areas and right partnerships, TF Capital hopes to capture opportunities in the rapidly expanding Chinese life sciences market. TF Capital’s investment team has vast experience and resources in industry to assist their portfolio companies.