Everest Medicines Raises $310M in Series C
According to globenewswire.com, Everest Medicines, a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, today announced that it has successfully raised US$310 million in Series C financing.
The US$310 million Series C financing includes two preferred equity financing tranches, a US$260 million Series C-2 and a US$50 million Series C-1. The Series C-2 was led by Janchor Partners and co-led by RA Capital Management and Hillhouse Capital with additional support from new investors, including Decheng Capital, GT Fund, Janus Henderson Investors, Rock Springs Capital, Octagon Investments and a large, reputable long-term investor.
Existing investors, including CBC Group, Cormorant, Pavilion Capital and HBM Healthcare Investments also participated. The Series C-1 comprised of a US$50 million investment from the Jiashan SDIC, which was part of a broader strategic partnership with Jiashan National Economic and Technological Development Zone and Jiashan SDIC announced on March 17, 2020.
Proceeds from the financing will be used to advance clinical development of Everest Medicines' robust pipeline of novel therapeutic candidates and build out a strong commercial infrastructure to support the next phase of growth. To date, the Company has made important progress with its broad pipeline.
"This is an important milestone for Everest Medicines that reinforces our deep industry expertise and strategic business model to in-license global innovation for the development of critical therapies in Greater China and Asia. We are well-positioned to advance the clinical development of our robust therapeutics pipeline, which spans a number of important diseases, and we look forward to building a strong foundation on which we will grow our commercial business," said Kerry Blanchard, MD, PhD, Chief Executive Officer of Everest Medicines.
The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies.
Everest Medicines has built a portfolio of eight potentially global first-in-class or best-in-class molecules, many of which are in late-stage clinical development. The company's therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. Currently, four assets are in clinical trials designed for registration in China and two additional assets will start registrational trials in 2020.
About Janchor Partners
Established in 2009, Janchor Partners is a long-term industrialist investor, partnering with companies that have superior business models, favorable growth prospects and the potential to be part of long term positive structural dynamics of Asian countries and economies.
About RA Capital Management
RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The company provides seed funding to start-ups and to lead private, IPO, and follow-on financings for its portfolio companies.
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