Ignis Therapeutics Secures $180 Million Series A Financing, the Largest in China's Biopharma Sector in 2021, and Enters Strategic Collaboration with SK Biopharmaceuticals to Advance CNS Innovation

VCBeat has learned that on November 11, 2021, in Shanghai, China, Ignis Therapeutics (“Yisi Shengwu”), an emerging player in the central nervous system (CNS) field, announced the completion of a $180 million Series A financing round. This amount set a new record for the largest Series A financing in China’s biopharmaceutical sector to date in 2021. The round was led by Allist Pharmaceuticals & Healthcare Fund, with participation from several top-tier institutions including Ruentex Group, KB Investment, WTT Investment, Mubadala Investment Company, HBM Healthcare Investments, and Goldman Sachs.

Meanwhile, Wingthink Biopharma and SK Biopharmaceuticals (“SK Biopharm”) jointly announced the execution of a licensing agreement and long-term strategic collaboration on six innovative assets, aiming to address the substantial unmet clinical needs in the central nervous system (“CNS”) field in China and provide more superior therapeutic options for clinical practice.

Yisi Biotech is a biotechnology company focused on the central nervous system (CNS) field, incubated by Topharvest Allwin, a globally leading investment institution. Dr. Long Aijing, former General Manager of Sanofi China’s Central Nervous System Business Unit, serves as the Chief Executive Officer of Yisi Biotech. With extensive experience in the CNS sector and an outstanding professional track record, Dr. Long oversaw the success of Sanofi’s Depakine®, which became the most successful product in the epilepsy market in China during her tenure.

Under the terms of the agreement, Yisi Bio will hold exclusive rights to develop, register, locally manufacture, and commercialize six innovative assets, including cenobamate and solriamfetol, in the Greater China region. SK Biopharmaceuticals will receive a $20 million upfront payment, potential milestone payments, and future royalties based on net sales, as well as an equity stake in Yisi Bio valued at $150 million.

Cenobamate is an innovative antiepileptic drug that was approved in the United States in 2019 (under the brand name XCOPRI®) and in Europe in 2021 (under the brand name ONTOZRY®). Epilepsy is one of the most common neurological disorders, affecting approximately nine million patients in China. About 40% of adult patients with focal epilepsy have inadequate seizure control after treatment with two antiepileptic drugs.¹

Solriamfetol (brand name SUNOSI®) was approved by the U.S. Food and Drug Administration in 2019 for the treatment of excessive daytime sleepiness (EDS) associated with narcolepsy or obstructive sleep apnea (OSA) in adult patients.

Dr. Long Aijing, CEO of Yisi Biopharma, stated, “There is a significant unmet clinical need for neurological and psychiatric disorders in China. In less than 10 months, Yisi Biopharma has assembled a team of top-tier talents with the most extensive CNS expertise, entrepreneurial spirit, and strong execution capabilities in the industry. I am delighted that, with the support of Tonghe Yucheng and other specialized investment institutions, we have achieved this milestone collaboration with SK Biopharmaceuticals. I believe this partnership will expand our product pipeline, facilitate the company’s long-term development, and instill hope in patients.”

“Yisi Bio, as an open platform collaborating with top global companies, aims to build a multi-dimensional portfolio of innovative products for the central nervous system (CNS). Meanwhile, Yisi Bio is also actively engaged in researching novel mechanisms in the CNS field, bringing innovative therapies to central nervous system diseases and striving to become a globally leading CNS company.”

Dr. Long Aijing, CEO of Yisi Bio

“We aim to address unmet clinical needs in the CNS field, bringing care and innovative therapies to patients worldwide. Our strategic collaboration with Yisi Biopharma in China represents a significant step toward this goal,” said Dr. Jeong Woo Cho, CEO and President of SK Biopharmaceuticals. “SK Biopharmaceuticals will continue to expand its global business segments and create social value through strategic alliances with partners.”

Dr. Chen Lianyong, CEO and Managing Partner of Tonghe Yucheng Capital, stated, “Central nervous system (CNS) disorders impose a substantial societal burden and have garnered widespread attention, creating an urgent need for innovative and effective therapies. Leveraging our extensive experience in enterprise incubation, Tonghe Yucheng Capital assembled a team with deep expertise in the CNS industry within just ten months. Today, Yisi Biopharma has completed the largest Series A financing round in China’s biopharmaceutical sector in 2021 and established a strategic partnership with SK Biopharmaceuticals, a leading global biopharmaceutical company. This marks a significant milestone. I am confident that under the leadership of Dr. Long Aijing, Yisi Biopharma will emerge as a leading enterprise in the CNS field, possessing both robust R&D capabilities and commercialization prowess.”

Yisi Biopharma is a biotechnology company headquartered in Shanghai, China, dedicated to developing innovative therapies for central nervous system (CNS) disorders. Through independent R&D and strategic collaborations with leading international enterprises, the company aims to provide patients with a broader range of treatment options. Yisi Biopharma has assembled top-tier talent in the CNS field, including renowned industry business leaders, neuroscientists, and clinical research physicians. Committed to developing truly valuable products that improve patients’ lives and expand therapeutic choices in clinical practice, Yisi Biopharma strives to lead innovation in CNS treatments.

Tonghe Yucheng is a global investment firm dedicated to the healthcare and medical sectors, with offices currently located in Boston, San Francisco, Hong Kong, and Shanghai. The company focuses on investing in early-stage and growth-stage healthcare companies across global markets, including Europe, the United States, China, and Israel. We empower entrepreneurs to build innovative healthcare businesses that benefit patients worldwide.

SK Biopharmaceuticals and its U.S. subsidiary, SK Life Science, are global leading pharmaceutical companies focused on the research, development, and commercialization of drugs in the central nervous system (CNS) field. The company has eight drug molecules targeting various CNS disorders, including epilepsy. Additionally, SK Biopharmaceuticals is committed to early-stage discovery of oncology therapeutics.

References

¹ Chen Z, Brodie MJ, Liew D, Kwan P. Treatment outcomes in patients with newly diagnosed epilepsy treated with established and new antiepileptic drugs: a 30-year longitudinal cohort study. JAMA Neurol. 2018 Mar; 75(3): 279–286.