CStone raises US$260 million in Series B financing
CStone Pharmaceuticals (CStone) announced the completion of a US$260 million (about RMB1.65 billion) Series B financing round on May 9, marking the highest single Series B financing in China's biopharmaceutical industry. The investment was led by Government of Singapore Investment Corp. (GIC), with participation from new investors including Sequoia Capital China, Yunfeng Capital, 6 Dimensions Capital, CITICPE, Taikang Insurance Group, ARCH Venture Partners, Hillhouse Capital Group, King Star Capital, 3W Partners, AVICT and Hongling Capital. Others were Oriza Horizon, Boyu Capital and Wuxi Healthcare Ventures (a fund under 6 Dimensions Capital) in the previous series of financing. With the US$150 million raised in Series A round financing, CStone has raised US$410 million (about RMB2.63 billion) in total.
CStone is an innovative biopharmaceutical corporation established in 2016 and headquartered in Suzhou. Its top management are drawn from transnational pharmaceutical corporations. Since its founding, CStone has focused on the discovery and combined therapies of tumor immune drugs and made gratifying achievements in the product pipeline and clinical development. Presently, it has established a rich product pipeline with more than 10 drugs under development, and launched clinical trials at home and abroad for four of them. In particular, China's First Fully Human, Full-length Anti-PD-L1 Monoclonal Antibody CS1001 has nearly completed Phase I clinical trial (dose escalation stage) and will commence the registry trial soon. Suzhou Translational Medicine Research Center, established by CStone at the close of 2017 will further improve the efficacy of clinical development.
“We are greatly honored to receive recognition and support from leading local and overseas investors and successfully completed Series B round financing within two months. As a young but pragmatic innovative biopharmaceutical company, we have grown steadily in the last two years and made great progresses in the product pipeline development, external cooperation and core team building. This round of financing is critical for current and future development of CStone,” said Dr. Frank Jiang, CEO of CStone. On his part, Mr. Choo Yong Cheen, the Chief Investment Officer of the GIC Private Equity, said; “GIC is very glad to lead this round of financing to CStone. CStone boasts of first class management team, rich product pipelines and world class clinical development strength. It is a leading innovative biopharmaceutical corporations in China. We are buoyant of CStone’s strength in the tumor immunity field and in the great potential of China’s biopharmaceutical industry.”
The three investors of CStone’s Series A round financing namely Oriza Horizon, Boyu Capital and Wuxi Healthcare Ventures, have aggressively sustained their support to the firm. Dr. Li Wei, the managing partner of Wuxi Healthcare Ventures, said; “immunotherapy discovery has accounted for more than a half of the world's total tumor R&D projects within a very short time, indicating the advent of tumor immunotherapy and drug combination era. As one of the founding shareholders, we are happy to witness CStone's excellent achievements in the discovery of the novel tumor immumotherapies. We are confident of the firm's potential and willing to continue our support on the discovery of tumor immune drug combination therapies and propel CStone to become a leading player of China’s new drug discovery sector.”
CStone will use this round of financing for clinical trials of CS1001 and other drugs under development, further expand and introduce product pipelines through independent development and cooperation while introducing and fostering outstanding pharmaceutical talents, and ensure the high quality of anti-cancer new drugs benefit Chinese patients and accelerate pace of China’s biopharmaceutical industry.