Chinese I/O player Adlai Nortye wraps $50M Series B; Amgen touts PhIII data for Remicade knockoff
→ Hangzhou-based Adlai Nortye has garnered $50 million from some top domestic backers for its vision in building a global immunotherapy company in China. Yuanming Capital led the Series B round, joined by Matrix Partners China, Detong Capital and Yahui Precision Medicine Fund. Adlai Nortye jumped into late-stage studies with an $86.6 million licensing deal with a struggling Oncolytics Biotech, which gave it development and commercialization rights to Reolysin (pelareorep) in China, Hong Kong, Macau, Singapore, South Korea and Taiwan. Under the leadership of CEO Carlsten Lu, the 100-plus staffers will now focus on initiating a Phase III study of Reolysin in breast cancer and continuing a Phase Ib trial for EP4 antagonist AN0025 in solid tumors. “We are very optimistic about Adlai Nortye’s huge development potential in the tumor immunotherapy area,” said Yuanming founding partner Yuan Tian in a statement. “We look forward to collaborating closely with Adlai Nortye, continuing to support their innovation and company growth.”
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