Chinese VC syndicates wager $172M on Ascentage and Ascletis, flagging a new trend
Here’s another trend to pay close attention to in 2017: Chinese biotechs are increasingly able to tap into local, state-backed venture syndicates for some big rounds aimed at backing ambitious clinical development programs.
Today we’re offering two examples. The first is Ascentage Pharma, a 7-year-old biotech focused on cancer as well as an unusual partnership with Arch-backed Unity on aging. The Jiangsu, China-based company raised about $72 million for clinical work, with the Future Industry Investment Fund under China’s State Development & Investment Corporation playing a key role. The second is Ascletis, which turned to a group of Chinese investors for its $100 million Series B.
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