Hangzhou Just Biotherapeutics Secures $35 Million Series B+ Financing
SHANGHAI, June 6, 2018 /PRNewswire/ -- Dedicated to developing global antibody and recombinant protein biotherapeutics, Hangzhou Just Biotherapeutics (HJB) announced today the completion of a $35 million Series B+ financing round.
Hillhouse Capital (Hillhouse), a Beijing and Hong Kong-based investment firm, leads this financing, with participation by existing investors Temasek, Lilly Asia Ventures (LAV), ARCH Venture Partners, Taikang and BOCGI Zheshang Capital. Including this round, HJB has raised over $120 million in financing so far.
Since last year HJB has focused predominantly in 3 areas: The completion of the R&D Center and Manufacturing Facility located in Hangzhou, establishing its R&D and clinical development capabilities and building a world-class team by attracting top talent around the world.
"We have achieved remarkable milestones in a short time, but we need to continue the strong momentum to build on our successes. With this additional investment, we will be able to ramp up our clinical R&D capabilities globally, and boost our pipeline by engaging in broader partnerships. We are now on our way to beginning global clinical trials for several of our assets," said Dr. Yining ZHAO, founder and CEO of HJB.
As the lead investor, Hillhouse Capital said, "Innovative medicine has great market growth potential because it can truly create value for society, serving patients in and outside China. Hillhouse has always valued medical research and innovation. We appreciate HJB's capabilities and promising future in the field of bio-pharmaceutical research and development and are willing to support the firm's long-term growth using the principles and methods of value investing."
HJB was originally founded in 2016 by former Amgen and Genentech executives in Hangzhou, China. HJB has partnered with Seattle-based Just Biotherapeutics Inc. to develop and apply state-of-the-art biomanufacturing and process development platform enabling the development and manufacture of antibody and recombinant proteins at a reduced cost and accelerated speed while maintaining global quality standards. HJB's pipeline currently consists of assets in areas of high-unmet need including oncologic, genetic rare diseases and metabolic diseases. HJB employs a team of nearly one hundred scientists and engineers at its sites in Hangzhou and Boston, and is led by seasoned executives from MNCs.
About Hillhouse Capital
About Hangzhou Just Biotherapeutics
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SOURCE Hangzhou Just Biotherapeutics, Ltd.