Innogen nets $120M to advance Trulicity, Ozempic rival; venture into manufacturing
A low profile, Chinese biotech has been working on developing drugs for diabetes and metabolic disorders. Now, the company, known as Innogen Pharmaceutical Technology, has nabbed $120 million in venture capital.
Deal Street Asia reported on the financing this morning, listing the lead investors as Youshan Capital and China Growth Capital. Other investors include CICC Qide Fund, V Star Capital and China Everbright Limited.
This is not Innogen’s only financing this year. Innogen had closed a round back in April with investors Korea Investment Partners and Cowin Capital, according to Deal Street Asia.
The company, founded in 2015, said that the funds will push the company’s pipeline forward, with a focus on diabetes and other metabolic disorders. And as part of that plan for the pipeline, Innogen will push forward on getting its diabetes drug Supaglutide into Phase III clinical testing.
Supaglutide is a GLP-1 agonist, the same mechanism of action as Eli Lilly’s and Novo Nordisk’s blockbuster diabetes drugs Trulicity and Ozempic, among other competitors.
China has the highest population in the world with diabetes, according to the WHO and other researchers — with upwards of 110 million people, or 1 in 10 people in the country having diabetes.
Beyond advancing the pipeline forward, the biotech said it would move forward with building a drug production facility that is up to par for clinical trials. On any other details, they remained mum.