Indonesian Biopharmaceutical Company Etana Secures New Funding Round Led by Legend Capital

VCBeat (WeChat: vcbeat) learned that on September 14, 2021, PT Etana Biotechnologies Indonesia (Etana) announced the completion of a new round of financing. This round was led by Legend Capital, with participation from Innovent Biologics (HKEX stock code: 01801) and a consortium led by UOB Venture Management (UOBVM). The funds will be used to further strengthen the company’s capabilities in manufacturing, regulatory registration, clinical development, and commercialization, promote extensive and in-depth cooperation with Chinese biopharmaceutical companies, and drive the development of Indonesia’s biopharmaceutical industry.

PT Etana Biotechnologies Indonesia (Etana), established in 2014, is a leading biopharmaceutical company in Indonesia, dedicated to the production and sales of biologics targeting oncology and other life-threatening diseases for the Southeast Asian (ASEAN) market. With internationally compliant biopharmaceutical manufacturing facilities and a highly experienced regulatory and commercialization team, Etana aims to provide high-quality, innovative, and affordable therapeutic products and solutions to the broad patient population in Southeast Asia.

Nathan Tirtana, President of Etana, stated: “As an innovative Indonesian enterprise, Etana has been committed to providing high-quality, innovative, and affordable biopharmaceutical products to Indonesia and other ASEAN countries. The Indonesian government has been vigorously promoting the development of the biopharmaceutical industry. With this financing round, we will leverage investor support to expand our product pipeline and enhance our specialized capabilities, striving to offer more treatment options for patients with cancer and other diseases in Southeast Asia. We believe these biopharmaceuticals will provide patients with better therapeutic regimens and significantly improve local standards of care.”

Mr. Hong Tan, Managing Director at Legend Capital, stated, “We greatly appreciate Etana’s vision of providing cost-effective biologics to Indonesia and Southeast Asia, and we look forward to collaborating with Etana to achieve this goal. Etana shares significant synergies with China’s biopharmaceutical industry and will serve as a vital bridge facilitating cross-border cooperation between Chinese pharmaceutical companies and Southeast Asia. Through this partnership, we believe Etana will grow into a leading biologics company in the Indonesian and Southeast Asian markets.”

Mr. Xie Jianwei, CEO and Managing Director of UOBVM, stated: “We are delighted to support Etana’s development in the biopharmaceutical industry. We look forward to Etana improving treatment standards in Indonesia and Southeast Asia by introducing advanced technologies and products and manufacturing high-quality biologics. Over the past two decades, UOBVM has helped many startups grow through direct investments in Southeast Asia, gaining profound insights into the region’s policies, markets, culture, and business environment. Through this collaboration with Etana, we will leverage our professional resources and expertise in the region to jointly promote the development of the ASEAN biopharmaceutical industry, thereby fulfilling our mission to drive social development and health promotion in the region.”

PT Etana Biotechnologies Indonesia (Etana), established in 2014, is a leading biopharmaceutical company in Indonesia, dedicated to the production and sales of biologics targeting oncology and other life-threatening diseases for the Southeast Asian (ASEAN) market. With international-standard biopharmaceutical manufacturing facilities and a highly experienced regulatory and commercialization team, Etana aims to provide high-quality, innovative, and affordable therapeutic products and solutions to the vast patient population in Southeast Asia.

Legend Capital is an independent professional venture capital firm under Legend Holdings, established in April 2001. Its core business focuses on early-stage venture capital and growth-stage expansion investments. Currently, Legend Capital manages US dollar and RMB funds with a total size of nearly USD 9 billion, prioritizing innovation and growth opportunities in China. As of 2021, Legend Capital has invested in more than 500 companies, among which over 90 have successfully listed or been quoted on domestic or overseas stock exchanges, and more than 70 have exited through mergers and acquisitions. As an industry pioneer, Legend Capital began its investment layout in the healthcare sector in 2007. Over the years, it has built professional investment capabilities across various sub-sectors of healthcare and formed a unique medical ecosystem resource base through close collaboration with its portfolio companies.

UOB Venture Management (UOBVM) is a wholly-owned subsidiary of the United Overseas Bank Group. United Overseas Bank Limited (UOB), a leader in Asian banking, operates more than 500 branches and offices worldwide. UOB is ranked among the world’s top banks, with credit ratings of Aa1 from Moody’s and AA- from both Standard & Poor’s and Fitch Ratings. Since 1992, UOBVM has provided financial support to numerous private enterprises in Southeast Asia and the Greater China region through direct equity investments. Like UOB, UOBVM possesses deep insights and unique expertise in Asian markets, corporate culture, and business thinking. Guided by the principles of Environmental, Social, and Governance (ESG) and impact investing, our investments aim to foster prosperity in local communities. UOBVM manages assets exceeding SGD 2 billion.

“Rooted in Trust, Realized through Action.” It is Innovent Biologics’ vision and goal to develop high-quality biologics that are affordable for the general public. Founded in 2011, Innovent Biologics is dedicated to the development, manufacturing, and commercialization of innovative medicines for the treatment of major diseases, including cancer, autoimmune disorders, and metabolic diseases. On October 31, 2018, Innovent Biologics was listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code: 01801.

Since its inception, the company has distinguished itself among numerous biopharmaceutical companies through innovative achievements and an internationalized operational model. It has established a product pipeline comprising 26 new drug candidates, covering multiple therapeutic areas including oncology, metabolic diseases, and autoimmune disorders, among which six candidates have been selected for the National “Major New Drug Development” Special Program. The company has obtained marketing approval from the National Medical Products Administration (NMPA) for five products: sintilimab injection (brand name: Tyvyt®; English trademark: TYVYT®), a bevacizumab biosimilar (brand name: Byvasda®; English trademark: BYVASDA®), an adalimumab biosimilar (brand name: Sulinno®; English trademark: SULINNO®), and a rituximab biosimilar (brand name: Halpryza®; English trademark: HALPRYZA®). One marketing application has been accepted by the NMPA, and the U.S. marketing application for sintilimab has been accepted by the FDA. Five candidates are in Phase III or pivotal clinical studies, and an additional 15 products have entered clinical trials. Sintilimab was successfully included in the National Reimbursement Drug List (NRDL) in November 2019, becoming the first and only PD-1 inhibitor to be included in the NRDL that year.

Innovent Biologics has assembled a high-caliber team of professionals in the development and industrialization of biopharmaceuticals, boasting internationally advanced capabilities. The team includes numerous experts who have returned to China after studying or working abroad. Innovent Biologics has established strategic collaborations with international partners such as Eli Lilly and Company, Adimab, Incyte, MD Anderson Cancer Center, and Hanmi Pharmaceutical. Innovent Biologics is committed to working collaboratively to elevate the development of China’s biopharmaceutical industry, thereby improving drug accessibility for the public and fulfilling people’s aspirations for better health and well-being.