Avistone Biotech Files for IPO After Securing Over $200M from Global Private Equity Giants to Advance Precision Oncology Platform

December 9, 2021—Beijing Avistone Biotechnology Co., Ltd. (“Avistone”), a company dedicated to the research and development of next-generation precision-targeted therapeutic drugs, announced the completion of its Series A financing round exceeding USD 200 million. The round was led by Vivo Capital, with significant participation from funds including Bain Capital and Primavera Capital Group.Concurrently with the transaction, the Company completed the acquisition of Beijing Purunao Biotechnology Co., Ltd. (hereinafter referred to as “Purunao Biotech”), a clinical-stage biotechnology company, thereby establishing a research and development platform for multiple next-generation targeted precision therapies.

This round of financing will enable Avistone to complete the acquisition of Purunao Biopharma, while accelerating the advancement of candidate drugs, expanding the product pipeline, and supporting the clinical development and commercialization readiness of the company’s core products, thereby providing more effective and safer treatment options for patients in China and around the world.

Avistone has remained steadfast in its commitment to the clinical development and pipeline expansion of oncology products over the past decade. Notably, the company’s c-Met-targeted candidate drug is in late-stage clinical development and received Breakthrough Therapy Designation from China’s National Medical Products Administration (NMPA) this year. Avistone’s extensive product pipeline includes Class 1 innovative drug candidates currently in Phase I clinical trials, as well as multiple self-developed candidate compounds in preclinical studies and at the Investigational New Drug (IND) application stage.

Dr. Shi Hepeng, Founder and Chairman of Avistonestated: “As a science-driven, innovative biotechnology company, we possess the experience and capabilities in drug discovery and conducting first-in-class and best-in-class clinical studies. We are delighted that our product pipeline and team’s capabilities have been recognized and valued by international investors such as Vivo Capital, Bain Capital, and Primavera Capital Group. Moving forward, we will collaborate with these investment partners to evolve into a global biotechnology company, continuously providing breakthrough therapeutic solutions for patients.”

Fu Shan, Managing Partner, Co-CEO, and CEO of Greater China at Vivo Capital“Vivo Capital has maintained a high level of attention on Avistone. After several years of effort, we and the management team have reached a strong consensus on the vision for Avistone to develop into China’s leading company in this field. I would like to thank Dr. Shi Hepeng and the company’s management team, and look forward to working together with Bain Capital and Primavera Capital Group in the days ahead to promote the healthy development of the company. I also extend my gratitude to Dr. Lu Hongbo and Dr. Liu Weidong for leading our multi-faceted collaboration team through this milestone transaction.”

Hongbo Lu, Managing Partner and Chief Investment Officer, Greater China, Vivo Capital“Avistone’s innovative product pipeline, along with the Dr. Shi team’s years of persistent dedication, singular focus on developing new drugs, and resilience, are key factors in our investment decision. Vivo Capital has long been committed to doing its utmost to help Chinese pharmaceutical companies align with international standards, and we firmly believe that Chinese innovation will rapidly go global to benefit patients worldwide. We are deeply grateful to our partners, including Bain and Primavera, for their strong support in helping Avistone embark on an important new chapter in its historical development.”

Jia Zhu, Managing Director of Bain Capital Private Equity (Asia)stated: “We believe that the future of China’s biopharmaceutical industry will be driven by genuine differentiation and innovation, and that the alignment of cross-border resources will serve as a powerful lever to seize this opportunity. Through this investment, we aim to help Avistone leverage Bain Capital’s global experience and resources in life sciences, working in synergy with the company’s team and other investors to build Avistone into an innovative platform for oncology targeted therapies, rooted in China and oriented toward the global market.”

Ricky Sun, Managing Director of Life Sciences at Bain CapitalHe added, “Over the past three years, Bain Capital Life Sciences has worked closely with Bain Capital Asia Private Equity to conduct systematic research on China’s life sciences sector, aiming to identify the most attractive therapeutic areas and the most promising companies. This investment in Avistone represents the outcome of our efforts. We are impressed by Avistone’s differentiated clinical pipeline, its highly efficient in-house R&D capabilities, and its team—led by Mr. Shi—which possesses deep expertise across the entire process of oncology targeted drug development.”

Zheng Jiaqi, Managing Director of Primavera Capital“He stated: ‘Oncology treatment has undergone significant development and entered an era of precision and personalized therapy; however, substantial unmet clinical needs remain. As veterans in the pharmaceutical industry, Dr. Shi and his team have leveraged their extensive experience and cutting-edge R&D capabilities to focus on the development of targeted therapies. Avistone’s c-Met-targeting candidate drug has the potential to become a best-in-class novel agent in this field. Meanwhile, we also have high expectations for the company’s pipeline of first-in-class drug candidates. Primavera Capital is pleased to become a shareholder of Avistone and is committed to working with other shareholders to support the company in reaching new heights, evolving into a next-generation enterprise platform for precision oncology treatments and pharmaceutical technologies, thereby benefiting patients worldwide.’”

Avistone is an innovative biotechnology company rooted in China with a global outlook. Its core R&D team comprises experienced drug design experts and clinical development professionals, supported by a Scientific Advisory Board of internationally renowned specialists in new drug discovery and clinical research. The company focuses on the development of innovative oncology therapeutics, boasting a robust pipeline that spans multiple tumor treatment areas. Several of its candidate drugs are currently in the drug discovery and clinical development stages, with planned market launches in the near future.

Vivo Capital, founded in 1996, is a globally leading investment firm focused on the healthcare sector. The firm manages $5.8 billion in assets and has invested in nearly 315 public and private companies worldwide. Headquartered in Palo Alto, California, with offices in Asia, our team comprises diverse talent with backgrounds in science, operations, and finance, working collaboratively as an integrated unit. Vivo Capital invests across all subsectors of the healthcare industry, including biotechnology, pharmaceuticals, medical devices, life sciences tools, diagnostics, health technology, and healthcare services.

Bain Capital is a leading global investment platform, managing nearly $150 billion in assets through multiple asset management entities, and creating lasting value for our investors, teams, portfolio companies, and communities. Founded in 1984, Bain Capital pioneered a rigorous, consulting-based investment approach, working closely with the management teams of its portfolio companies to challenge conventional thinking with fresh insights, helping companies improve operations and realize their visions. Since our inception, we have organically applied this methodology across various asset classes to build one of the strongest cross-asset investment platforms globally. Today, Bain Capital is committed to value creation across sectors, industries, and geographies through diversified investment strategies, including private equity, public equity, fixed income, credit, venture capital, life sciences, and real estate. We firmly believe that our team and the values we have upheld since our founding are at the core of our competitive advantage. These strengths enable us to deliver sustainable value to a broad base of pension funds, endowments, foundations, and individual investors.

Primavera Capital Group, founded in 2010 by renowned economist Dr. Fred Hu, is a global professional investment management firm rooted in China, with offices currently located in Beijing, Hong Kong, Singapore, and Silicon Valley. The firm manages multiple RMB and USD funds, serving professional investors including top-tier global institutions, corporations, and family offices, with total assets under management exceeding RMB 100 billion. Primavera Capital is committed to identifying the best investment opportunities arising from China’s historic transition from a “middle-income country” to a “developed economy,” focusing on sectors such as consumption, technology, healthcare and life sciences, financial services, and carbon neutrality.