Lead investor, Sequoia Capital China
On March 27, Adagene announced the completion of the $50 million (about 320 million yuan) C round financing. This investment was led by Sequoia Capital China followed by New World TMT Ltd (NWTMT), Avic Trust Co. LTD, King Star Capital and Gopher Asset Management.
According to Adagene, the funds raised in this round will mainly be used to complete the clinical trials of new antibody drugs that is making global declaration of IND as well as promote the development of a follow-up innovative drug production line.
“In recent years, tumor immunotheropy is booming with endless researches and developments of PD-1 and PD-L1 targets. Adagene pays more attention in dealing with the patients who have not yet responded to the targets, thus making up for certain defects of existing products in clinical tumor immunology” Dr. Luo Peizhi who is Adagene's founder, chairman and the chief executive says, “the new drug that Adagene has declared to FDA this time has unique target mechanism and there are no similar drugs that have been approved in the international market.”
Mr. Shen Nanpeng, global managing partner of Sequoia Capital China, said “Adagene has top core technologies and strong R&D team. Adagene can constantly develop newer and better antibody drugs using flexible methods based on the existing technology platform, at the same time showcasing China’s innovation. Our lead investment to Adagene is designed to help the company to speed up the conversion of leading platform and technology into products after which the new antibody drugs with better therapeutic activity can benefit human health sooner.”
In the past ten years, a group of ethnic Chinese biomedical scientists have returned to China to start their own businesses, enhancing the overall strength of Chinese pharmaceutical enterprises’ targeting advanced research points. “China’s biotechnology companies with independent intellectual property rights and excellent Chinese entrepreneurial teams with independent innovation and r&d capabilities have been our key investee.” the chairman of AVIC TRUST Yao Jiangtao pointed “Rooted in China and facing the world, Adagene is not only an innovative biotechnology enterprise, but also an innovator who has combined life science and artificial intelligence as well as information science. It is thus a worldwide leader in technology research and development of the third generation of antibodies. As for Dr. Luo Peizhi, he is a serial entrepreneur and has extensive expertise in the development of antibodies and antibody engineering. With the help of Dr. Luo， we firmly believe that Adagene will continue to find innovative antibody therapies to solve major medical problems.”
New World TMT Ltd is a member company of New World Group (Hong Kong-listed blue-chip conglomerate, Hong Kong stock code: 17) and it once invested in Dr. Luo’s first founding company Abmaxis before successfully withdrawing. It was also B round financing investor of Adagene and it continues to participate in the C round of financing. The company CEO Albert Wong said: “ We are firmly bullish on Asia, particularly on China's innovation ability. A number of innovation enterprises engaged in researching and developing of new drugs are expected to meet future treatment demands. Adagene has successfully transitioned from a platform company to a clinical stage biopharmaceutical company. We are deeply impressed by Adagene’s entrepreneurship, its experienced management team and significant advances in research and development over the past few years and we look forward to its new drug products benefitting patients worldwide soonest possible.”
Adagene is a biological pharmaceutical enterprise co-founded by two biomedical scientists who are successful global serial entrepreneurs. The company's mission states, “Where there is resolution, there is antibody”, and it is committed to developing dynamic precision antibody platform and unique original production line with independent intellectual property rights. It strives to be the global leading brand of advanced innovative antibody. Adagene has completed two rounds of financing and raised over 300 million yuan. Investors include F-Prime capital ( formerly Fidelity's Boston Biotech Fund ), Eight Roads ( formerly FGPA), 6 Dimensions Capital, GP Capital and New World TMT Ltd. At present, Adagene has established its innovative production line with new mechanism and new targets. For more information, follow this link: www.adagene.com.
About Sequoia Capital China
Sequoia Capital China has always been dedicated to helping entrepreneurs to build and maintain successful businesses as well as bringing rich global resources and valuable historical experience to member enterprises. In the past 46 years, Sequoia Capital China has invested in a number of innovation-related enterprises, including Apple, Cisco, Oracle, Google, Alibaba Group, Airbnb, JD and other industry leading companies. As an entrepreneur behind other entrepreneurs, Sequoia Capital China mainly focuses on investment opportunities in four areas: technology/media, healthcare, consumer goods / services and industrial technology. Over the past 13 years, Sequoia Capital China has invested in more than 500 companies. For more information, follow this link: www.sequoiacap.com/china.
About New World TMT Ltd (NWTMT)
New World TMT Ltd is a member company of New World Group (Hong Kong-listed blue-chip conglomerate) and focuses on telecommunications, media and technology business management. It mainly aims at investing in innovation enterprises that run communication medium businesses in China and Asia-Pacific region.
Taking advantage of the regional deregulation and technological progress policies, NWTMT has been gaining maximized returns and creating shareholder value through providing administrative support, strategic business relationships and capital to its target investment companies.
About Avic Trust Co.,LTD
As a stock non-bank financial institution, the establishment of AVIC is approved by China Banking Regulatory Commission as well as approved by the Chinese Ministry of Commerce as a foreign-invested enterprise. It was co-founded by AVIC and OCBC among other units with registered capital of 4.657 billion yuan.
The main company business is divided into trust business and the inherent business, among which, the trust business has been growing rapidly, thereby achieving great success. The size of trust assets, trust return rate, profit per capita and other business indexes have surpassed the industry average and many indexes have been leading in the industry.
About Gopher Asset Management
Founded in 2010, Gopher Asset Management is one of the leading marketable alternative asset management platforms of Noah Private Wealth Management in China. Its business scope covers diversified fields, such as private equity, real estate fund investment, open market investment, credit business, family wealth and discretionary services among others. As of the fourth quarter of 2017, the stock management volume of Gopher Asset Management reached 148.3 billion yuan.