Shanghai-based cancer drugmaker Abbisko lines up $42M B round as it makes a leap for the clinic
Qiming Ventures is leading a B round for Abbisko Therapeutics, more than doubling the Shanghai-based biotech’s previous haul as it hustles a pair of homegrown cancer drugs toward an IND.
Abbisko Therapeutics recently moved into GlaxoSmithKline’s old facilities at Zhangjiang High Tech Park, where founder Yaochang Xu set foot 16 years ago while setting up a contract research venture for Eli Lilly. Xu — a seasoned early development exec who helped breath life into the migraine drug lasmiditan — was later poached by Novartis to launch and run its R&D center in China. There, he met Hongping Yu and Zhui Chen, overseas returnees 10 and 20 years his junior respectively. Xu and Yu would later move to Hansoh, but the rigorous academic and project discussions among them had planted a seed for the official founding of Abbisko in 2016.
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