Yilian Bio Completes $70 Million Series B Financing to Advance Next-Gen ADC Pipeline and Files IPO Prospectus

VCBeat (WeChat ID: vcbeat) has learned that Suzhou MediLink Biopharmaceutical Co., Ltd. (“MediLink”) recently completed a $70 million Series B financing round.This round of financing was jointly led by LYFE Capital and Qiming Venture Partners, with participation from Legend Capital, Zhengxingu Capital, and Honghui Fund (HLC), among others.The funds raised in this financing round will be primarily used for the clinical trial development of the company’s next-generation antibody-drug conjugate (ADC) product pipeline, as well as early-stage research and development of novel conjugated drugs.

After years of technological accumulation and development in the antibody-drug conjugate (ADC) field, a total of 14 ADC drugs have been approved for marketing worldwide to date. The field has evolved from the early proof-of-concept stage of Mylotarg in 2000 toward improvements characterized by site-specific conjugation technologies. In recent years, next-generation ADC technologies, represented by Enhertu and Trodelvy, have taken center stage in the industry with their breakthrough clinical trial data. Following several generations of technological innovation, the ADC field is now embracing rapid market growth opportunities.

In 2021, Nature predicted that global sales of currently marketed antibody-drug conjugate (ADC) drugs would exceed $16.4 billion in 2026, establishing a blockbuster market worth tens of billions of dollars. In recent years, pharmaceutical companies worldwide have increasingly turned their attention to the ADC sector. According to data from PharmaCube, the total value of disclosed business development (BD) transactions from 2019 to 2021 exceeded $32.6 billion. As the industry evolves, competition is expected to intensify; only ADC developers with truly differentiated technological advantages will stand out and attract industry attention.

MediLink was founded in 2020 by a team of experts with extensive experience in the end-to-end development of innovative antibody-drug conjugate (ADC) therapies and robust corporate management, both domestically and internationally. The company is dedicated to developing ADCs with global competitiveness, establishing a proprietary technology platform for conjugated drugs, and addressing unmet clinical needs. It simultaneously advances clinical trials in China and abroad, fosters complementary partnerships with domestic and international collaborators, and serves patients worldwide.

Currently, MediLink has completed the international patent layout for its toxin-linker technology platform, with its lead project set to initiate clinical trials simultaneously in China and the United States this year. Meanwhile, the company has entered into project collaborations with multiple firms to jointly develop next-generation antibody-drug conjugates (ADCs).

Dr. Xue Tongtong, Founder, Chairman, and CEO of MediLink, stated:“Over the past year, Suzhou MediLink has focused on its next-generation ADC technology platform and product development, with smooth progress. The first project has submitted a formal clinical application to the FDA this month, thanks to the team's innovation and execution capabilities. This year will be a critical one for us as we move into the clinical stage, and the industry is also facing new challenges and opportunities. We are very fortunate to have welcomed new investment partners and received steadfast support from our original investors. In the future, MediLink Biopharmaceuticals will continue to focus on developing internationally competitive conjugated drug-related technologies and products, actively promote domestic and international cooperation, and strive to grow into a truly global biotechnology company.”

Mr. Chen Gang, Managing Partner of LYFE Capital (Zhouling Capital), the lead investor in this round, stated“LYFE Zhouling is dedicated to global medical innovation, committed to creating value for outstanding healthcare enterprises with differentiated global advantages. Antibody-drug conjugates (ADCs) represent one of the key therapeutic areas we continuously monitor. Leveraging the vision and strategic planning of MediLink’s founding team, combined with their profound expertise in ADC technology, the company has established a differentiated ADC technology platform with independent intellectual property rights within just approximately 18 months of its inception. We are delighted to enter into this deep collaboration with MediLink. LYFE Zhouling will leverage our international network and industry resources to assist MediLink in building and expanding its global platform. We look forward to and firmly believe that, under the leadership of the founding team and with the support of both new and existing shareholders, MediLink will become a globally leading ADC technology platform company.”

Dr. Chen Kan, Partner at Qiming Venture Partners, the co-lead investor in this round, stated“As an investor in MediLink’s previous funding round, we have increased our investment in this round precisely because we are optimistic about MediLink’s unique advantages in the competitive international landscape of conjugate drugs. The MediLink team possesses a clear development strategy, solid technological expertise, and efficient execution capabilities. Over the past year, we have witnessed MediLink steadily grow into a Biotech company with an internationally competitive conjugation technology platform. We are honored to continue supporting MediLink and look forward to the team bringing health benefits to patients in China and around the world as soon as possible.”

LYFE Capital (Zhouling) is a global healthcare-focused investment fund. We partner with outstanding healthcare companies at various stages of development that possess high-growth potential, providing them with capital support to accelerate their growth and maximize their potential in a rapidly evolving market landscape. Leveraging the LYFE Zhouling team’s deep insights into the healthcare sector and extensive professional investment experience, we flexibly tailor our investment strategies to meet the urgent needs of each portfolio company. Our specialized team and global perspective enable us to cover markets worldwide, facilitating seamless international cooperation through value creation.

Qiming Venture Partners was established in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages ten U.S. dollar funds and six RMB funds, with total assets under management reaching $6.2 billion. Since its inception, the firm has focused on investing in outstanding early- and growth-stage companies in industries such as TMT and Healthcare.

To date, Qiming Venture Partners has invested in more than 430 high-growth innovative enterprises. Among these, over 170 have achieved exits through listings on exchanges such as the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange, the Taipei Exchange, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, as well as through mergers and acquisitions. Additionally, more than 40 portfolio companies have been recognized as industry-leading unicorns and super unicorns.

Legend Capital was established in April 2001 as a fund management company under Legend Holdings, specializing in early-stage venture capital and growth-stage private equity investments. Over the past two decades, Legend Capital has adhered to international standards, pioneered best practices in fund operations and management, accumulated comprehensive expertise in these areas, and built an ecosystem-based collaborative network across the entire investment value chain.

Legend Capital drives corporate innovation and growth through its proactive value-added service system, delivering strong investment returns across multiple sectors while advancing China’s industrial progress and social development.

Zhengxingu Capital, founded in 2015, has consistently adhered to the investment values of “long-term orientation, focus, and altruism.” It is committed to building China’s premier investment research and post-investment management teams. By conducting in-depth industry research and providing proactive post-investment value-added services, Zhengxingu partners with outstanding entrepreneurs to co-create great enterprises that represent the future growth trajectory of China’s economy and generate social value. Since its inception, Zhengxingu has invested in a portfolio of high-quality companies emblematic of China’s future economic development, including Bilibili, ByteDance, POP MART, Perfect Diary, NetEase Cloud Music, Junshi Biosciences, InnoCare Pharma, Akeso, Henlius Biotech, Supcon Technology, Bayi Space, and Avary Holding.

HLC Fund (HLC) is an asset management company dedicated to advancing technological innovation, leveraging deep industry insights as its core competency to empower key sectors such as biopharmaceuticals and consumer livelihoods, thereby creating long-term value. HLC Fund manages dual-currency funds in RMB and USD, with offices established in Shanghai, Beijing, and Shenzhen.

To date, HLC Fund has invested in more than 90 high-quality enterprises, over 20 of which have been listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Stock Exchange, and Nasdaq. The investment portfolio includes: WuXi Biologics, Mindray Medical, WuXi AppTec, SMoore International, Pharmaron Healthcare, Tigermed, Yuwell Medical, Sansure Biotech, Jianmo Information, BrightGene Bio-Medical Technology, Nayuki’s Tea, Baiyang Pharmaceutical, GenesisCare China, Kemei Diagnostics, Chaoju Eye Care, and Kaiyin Technology.