Allink Biotherapeutics Secures $42 Million Series A Financing to Advance Global Development of Bispecific Antibodies and ADC Therapies

Shanghai, China, November 28, 2024 – Allink Biotherapeutics announced today the completion of a $42 million Series A financing round. The round was led by BlueRun Ventures China, a globally renowned early-stage technology investment firm, with participation from YuanBio Venture Capital, Legend Capital, and Xiamen C&D Emerging Industry Equity Investment Co., Ltd. Existing investors Gaorong Ventures and Med-Fine Capital also made additional investments. Allink Biotherapeutics is dedicated to developing next-generation bispecific antibodies and antibody-drug conjugate (ADC) therapies, aiming to provide superior treatment options for patients with cancer and immune diseases.

This round of financing will accelerate Allink Biotherapeutics’ global expansion, including advancing Phase I clinical trials of its core pipeline candidates, ALK201 and ALK202, in Australia, the United States, and China; actively expanding its R&D pipeline in oncology and immunology; and continuously optimizing its proprietary bispecific antibody and ADC technology platforms, with the aim of building a globally influential biotechnology company.

“Since its establishment over a year ago, the company has achieved a rapid transition from the preclinical to the clinical stage.”Dr. Feng Hui, Founder and CEO of Allink Biotherapeutics, stated, “Given the current financing environment in the biopharmaceutical industry, we are deeply grateful for the continued trust and support of our existing shareholders. We are also honored to welcome new investment partners who recognize our innovation capabilities and execution efficiency. With their support, we will be able to accelerate the development of our innovative pipeline, including next-generation antibody-drug conjugates (ADCs) and bispecific antibodies, bringing new therapeutic hope to patients with cancer and immune diseases. In the coming months, we expect to achieve multiple R&D milestones, which will further advance our mission of developing innovative therapies for patients.””

BlueRun Ventures China stated, “Allink Biotherapeutics possesses proprietary bispecific antibody and ADC technology platforms. We are highly optimistic about its distinct advantages in the discovery of innovative targets and the development of novel bispecific antibodies and ADC drugs. The company has a clear pipeline layout, particularly with two innovative molecules currently in clinical stages that demonstrate significant breakthrough potential in oncology treatment. Dr. Feng Hui, as one of the leading figures in China’s biopharmaceutical industry, has led the Allink Biotherapeutics team with high execution efficiency in advancing the R&D pipeline, further strengthening our confidence in the company’s development prospects.””

Dr. Yu Jiangtao, Managing Director at Gaorong Ventures, stated, “As an angel investor, we have witnessed Allink Biotherapeutics’ rapid growth firsthand. The company’s technological innovations in its bispecific antibody and ADC platforms are remarkable, its R&D pipeline is advancing steadily, and it has achieved multiple breakthroughs. We are confident in the innovative capabilities and growth potential of the Allink Biotherapeutics team, and we are honored to increase our support in the Series A financing round.””

Dr. Deng Lingquan, Partner at Med-Fine Capital, stated: “As the lead investor in the angel round, we are delighted to have witnessed the rapid growth of Allink Biotherapeutics. The company’s innovative capabilities and speed in clinical translation within the fields of bispecific antibodies and antibody-drug conjugates (ADCs) are impressive. We have full confidence in Allink’s team and its drug pipeline; therefore, we have decided to increase our investment in this round. We remain committed to supporting the company’s future development, helping it accelerate the creation of new, high-quality medicines that will benefit patients worldwide.””

The completion of this financing round has ushered in a new chapter for Allink Biotherapeutics. Leveraging the company’s robust R&D capabilities in innovative drugs and the strategic vision of its leadership team within the biopharmaceutical sector, the substantial capital from the Series A financing will empower Allink Biotherapeutics to establish a leading position in the global competitive landscape of innovative drug development.

Allink Biotherapeutics, established in 2023, is a biotechnology company dedicated to the research and development of innovative drugs. Leveraging its independently developed bispecific antibody and antibody-drug conjugate (ADC) technology platforms, the company has built a pipeline of innovative product candidates with first-in-class (FIC) and best-in-class (BIC) potential. Allink Biotherapeutics is committed to developing breakthrough therapies in the fields of oncology and immunological diseases, bringing innovative treatment solutions to patients worldwide.

BlueRun Ventures China is a venture capital firm focused on early-stage startups. With assets under management exceeding RMB 15 billion, it is one of the largest early-stage funds in China. The firm primarily invests at the Pre-A and Series A stages, covering sectors such as artificial intelligence, hard technology, consumer technology, and biotechnology. It has invested in more than 200 startups to date, providing long-term support to entrepreneurs from the early stages onward. Notable portfolio companies include Li Auto, Moonshot AI, Agibot, Galaxy General Robotics, Shuidi Inc., QingCloud, Guazi Used Cars, Ganji.com, Energy Monster, Gausium, Hongjing Zhijia, Yunsheng Intelligence, Anxin Wangdun, and BioMap.

Gaorong Ventures, established in 2014, specializes in early-stage and growth-stage investments, with a focus on innovative and entrepreneurial sectors such as new technologies, healthcare, the internet, and new consumption. To date, 24 companies invested in or held by Gaorong have completed their initial public offerings, with many emerging as leaders in their respective industries, including Pinduoduo, Huya Live, BOSS Zhipin, and Roborock. Gaorong continues to maintain a strong focus on the healthcare sector, identifying and supporting leading enterprises in areas such as new drug development, medical devices and diagnostics, digital health, and medical services. Notable portfolio companies include Alto Neuroscience (NYSE: ANRO), ProfoundBio (acquired by Genmab), Viterior, Conatus Therapeutics, Haijieya, United Family Healthcare, and Beikang International.

YuanBio Venture Capital is an investment firm focused on early-stage and growth-stage healthcare companies. Headquartered in Suzhou BioBAY, it maintains a global reach. To date, YuanBio has invested in over 190 outstanding enterprises in the life and health sector, covering four key areas: novel drug development, medical devices, in vitro diagnostics and precision medicine, and healthcare services. The firm has achieved substantial investment returns, with 19 of its portfolio companies having listed on capital markets such as the Hong Kong Stock Exchange and the STAR Market. YuanBio has been repeatedly recognized as one of the Top 10 venture capital funds in China’s healthcare sector and as one of the most active healthcare investment institutions in China. By bringing together seasoned professional investors and a world-class team of scientific advisors, YuanBio possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and beyond. Leveraging our professionalism, focus, and abundant industry resources, we are committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

Med-Fine Capital focuses on investments in the pharmaceutical, healthcare, and life sciences sectors, with offices in Shanghai and Beijing. The management team boasts a broad international perspective, deep industry background, extensive industry resources, and professional investment experience. Currently, it manages multiple RMB and USD funds. The fund emphasizes “early-stage value discovery and sector opportunity identification,” focusing on investment opportunities in biopharmaceuticals, medical devices and diagnostics, digital health, and health technology. To date, it has completed investments in more than 60 pharmaceutical and healthcare companies, including Hanyu Medical, TianGuangShi, ImmuneOnco, Zhenrong Pharma, Linka Therapeutics, Chengyi Biologics, PhenoGen Pharmaceuticals, Xinqing Medical, Libang Pharmaceutical, Anrui Biological, Saifu Pharma, Ansung Technology, Acupulse, and Shuimu Medical. With the vision of “building a global bridge for healthcare connectivity and outlining the horizon of life and health,” Med-Fine is committed to becoming an open, platform-based, highly competitive, and renowned international professional investment institution.

Legend Capital, established in April 2001, is a leading professional investment firm in China specializing in early-stage venture capital and growth-stage private equity. Over the past two decades, Legend Capital has invested in more than 600 companies, with 114 achieving exits through initial public offerings (IPOs) across various global capital markets and nearly 100 exiting via mergers and acquisitions. Its portfolio includes top-tier enterprises such as iFlytek, CATL, WuXi AppTec, and Pharmaron, as well as numerous national-level “Specialized, Refined, Differential, and Innovative” Little Giants and manufacturing single champions, thereby building a rich industrial resource network. Adhering to its original mission, Legend Capital fosters corporate innovation and growth through capital and management support, driving industrial progress and social development. While delivering strong performance, the firm actively fulfills its social responsibilities, striving for sustainable and high-quality development.

Xiamen C&D Emerging Industry Equity Investment Co., Ltd. (hereinafter referred to as “C&D Emerging Investment”) was established in 2014. As one of the five major business segments of Xiamen C&D Group Corporation (a Fortune Global 500 company), it specializes in equity investments in emerging industries and is committed to becoming a leading equity asset management institution for emerging industries in China, driven by both asset-side and capital-side strategies. C&D Emerging Investment focuses on investment opportunities in the innovation and growth of national strategic emerging industries. Adopting a multi-strategy approach centered on “P+D+S,” it primarily concentrates on three key sectors: healthcare, advanced manufacturing, and TMT/consumer goods, thereby facilitating the robust development of more emerging enterprises.