Chinese oncology startup Adagene closes $50M Series C led by Sequoia Capital
It’s been a busy week for biotech news coming out of China, and the latest financing round doesn’t break the trend. VC firm Sequoia Capital China is backing Chinese antibody platform company Adagene — which has a pipeline of early-stage oncology programs — in a $50 million round.
The Series C will fuel the development of antibody therapeutics for partner companies and for Adagene’s own internal pipeline. The company is keeping its targets under wraps, but did disclose that all six pre-clinical and discovery-stage programs are in the field of oncology.
“The funds from this round of financing will be used to advance novel antibody therapeutics into human trials across the globe,” said the company’s co-founder and CEO Peter Luo in a statement. “The antibodies discovered from our Dynamic Precision Library platform enable translational research of our therapeutic leads on the intact immune system of highly predictive preclinical models.”
Joining Sequoia China in the round were New World TMT, AVIC Trust, King Star Capital, and Gopher Asset Management, among other investors.
Adagene, founded in 2011, previously raised over $36 million from investors including F-Prime Capital, Eight Roads Ventures China, and 6 Dimensions Capital.
Neil Shen, founding and managing partner of Sequoia China, said Adagene’s asset reflects “the innovation originated from China.”
“By leading the investment round, Sequoia China aims to help provide Adagene with the ability to drive long term growth, as well as better the discovery of novel antibodies and next generation therapeutics through the continued productivity of its discovery engine,” Shen said.
Adagene HQ located in biotech park, BioBay, in Suzhou, China. ADAGENE