IPO plans brewing, Innovent Biologics raises $150M and eyes hundreds of millions more
China’s Innovent Biologics has raised $150 million in a Series E crossover round, with Capital Group Private Markets picking up $90 million of the mega-round. The new money falls on top of the $360 million the company raised in its C and D rounds, with the government-owned State Development & Investment Corporation playing a prominent role.
New investors including Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as the existing investors such as Temasek, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance. Innovent reportedly has dropped plans for a US IPO, switching to the red-hot Hong Kong exchange in search of a $300 million to $500 million raise.
The company — part of a boom in China that is shaking up the global biotech scene — has 16 molecules in the pipeline: 7 in clinical development, 4 of them in Phase III trials and 1 with BLA submitted to CFDA.
“After over six years of hard work, Innovent has successfully transformed itself from being primarily a drug discovery entity to a full-fledged drug development platform with a rich pipeline of innovative products,” said Michael Yu, the co-founder, chairman and CEO of Innovent. “The completion of this new round of fundraising has enhanced our ability to accelerate and expand R&D activities as well as build up our commercial capability.”