Innovent Biologics, Inc., announced the completion of its US$150 million Series E round financing.
This round of financing attracted high quality global institutional investors and biotech-focused funds. Capital Group Private Markets (CGPM) is part of U.S.-based Capital Group Companies, one of the world's largest and most successful investment organizations, and led this round with a US$90 million investment. Nick Chen, Partner of CGPM, joined Innovent's Board of Directors.
New investors including Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as the existing investors such as Temasek, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance participated in this round. The proceeds will be used to speed up and expand the company's clinical programs and build a capable commercial team to promote its emerging pipeline of products.
Reuters is also reporting that Innovent has dropped plans for a US IPO and is instead opting for a Hong Kong based IPO. Innovent declined to comment on its IPO plans.
Innovent Biologics, Inc., founded in August 2011, is a leading biotech company in China. Innovent aims to produce highly complex biopharmaceutical products that will be affordable to people in China and around the world. Thanks to its consistent focus on innovation ever since its establishment, Innovent has built up a portfolio of molecules targeted at indications in cancer, ophthalmology, autoimmune disorders, and cardiovascular diseases. There are currently 16 molecules in research, 7 of which in clinical development, 4 of them in Phase III trials, and 1 with BLA submitted to CFDA.