Duality Biologics Secures $90 Million Series B Financing to Advance Novel Modality Drug Pipeline

VCBeat (WeChat: VCBEAT) has learned that on May 20, 2021, Duality Biologics (“DualityBio” or the “Company”), an innovative biopharmaceutical company, announced the completion of its $90 million Series B financing round. The round was led by Lilly Asia Ventures (“LAV”), with participation from prominent domestic funds including Yunion Healthcare Ventures, Huagai Capital, NRL Capital, Green Pine Capital, and Oriza Holdings. WuXi Biologics Industrial Fund, a strategic investor from the Series A round, continued its support and will keep providing manufacturing process support compliant with global quality standards to accelerate the Company’s R&D progress.

Since its establishment in January 2020, DualityBio has raised over $120 million in cumulative financing. Major investors in previous rounds included King Star Capital, WuXi Biologics Industrial Fund, and Tonghe Yucheng. The funds raised in this round will be primarily used to advance the preclinical research, clinical development, and in-licensing of the company’s product pipeline on a global scale.

DualityBio focuses on oncology and autoimmune diseases, developing a synergistic product pipeline driven by urgent unmet medical needs. The pipeline includes nearly 10 best-in-class and first-in-class bispecific antibodies and antibody-drug conjugates (ADCs). The company has successfully established a next-generation ADC platform with global intellectual property rights, the value of which has been validated across multiple drug candidates in development. Meanwhile, DualityBio is further expanding and enriching its novel modality drug platform through independent R&D and external collaborations. The company also boasts a high-caliber international team with extensive experience in drug discovery, clinical development, and business development.

Dr. John Zhu, Founder and CEO of the Company“The successful completion of this financing round is made possible by the active recognition and strong support of top-tier investors in the industry. We are even more grateful for the relentless efforts of our highly efficient execution team. The rapid advancement of biotechnology has made the development of novel modality drugs possible. Living in this era of innovation presents both an opportunity and a mission for us. Patients are waiting! DualityBio is committed to becoming a leader in novel modality drugs, continuously developing breakthrough innovative therapies to live up to patients’ expectations!”

“We are highly optimistic about the oncology and autoimmune disease sectors, which hold vast market potential and address significant unmet patient needs. Truly innovative and internationally competitive companies will stand out, and DualityBio is one of them.”Dr. Yi Shi, Founding Managing Partner of Lilly Asia Ventures“Dr. Zhu Zhongyuan, an industry veteran with over 20 years of experience, combines extensive industrial expertise with a keen sense for investment. He has successfully founded and incubated multiple biotechnology companies. By personally engaging in this venture, he has, within just over a year, assembled a team with profound industry insights and exceptional execution capabilities, and established a new drug R&D platform and product pipeline with international competitiveness. LAV will continue to support DualityBio in becoming an industry leader!”

Dr. Chen Zhisheng, CEO of WuXi Biologics“ADC therapeutics are currently experiencing a surge in R&D and investment activity. WuXi Biologics has established an integrated technology platform and service capabilities for ADC drugs, accumulating extensive project experience. We are delighted to witness the rapid growth of DualityBio and will continue to empower DualityBio to accelerate the development of its innovative ADC drug pipeline, reduce production costs, and expedite commercialization.”

Lin Xianghong, Founding Partner of King Star Capitalstated: “Dr. Zhu Zhongyuan is not only an outstanding investor but also an active company founder in the biopharmaceutical industry. We have previously collaborated to help multiple innovative drug companies achieve rapid transformation from ‘0’ to ‘1’ and successfully list on the capital markets. As an early investor in DualityBio, we continue to believe in Dr. Zhu Zhongyuan’s proactive and innovative entrepreneurial spirit and extensive experience, and we will continue to support the company’s future development.”

“Shining Together, Benefiting Lives.” Duality Biologics was founded in January 2020 by Dr. Zhu Zhongyuan, a renowned investor in the industry, and is dedicated to developing innovative modality drugs to meet patient needs. The company focuses on oncology and autoimmune diseases, having developed nearly ten best-in-class and first-in-class bispecific antibodies and antibody-drug conjugates (ADCs). Multiple drug candidates are currently at the Investigational New Drug (IND) application stage. Furthermore, the company has successfully established a next-generation ADC platform with global intellectual property rights, the value of which has been validated through multiple drug candidates under development.

DualityBio boasts an international team operating across China and the United States, with members who have achieved remarkable accomplishments in new drug development. They have led or participated in the global clinical development of more than 50 oncology and autoimmune disease drugs, and facilitated the regulatory approval and market launch of five innovative drugs in both China and the United States. The business development team has completed 20 strategically significant international collaborations, with a total contract value reaching $5 billion. DualityBio will continue to expand and deepen its existing product pipeline and R&D platform through a dual-drive strategy of independent innovation and product in-licensing.

Lilly Asia Ventures (LAV), established in 2008, is a leading venture capital fund focused on investments in the life sciences and healthcare sectors, with offices in Shanghai, Hong Kong, and Silicon Valley. LAV is committed to being a trusted partner for outstanding entrepreneurs seeking smart capital, co-creating great companies that overcome diseases and improve human health through breakthrough products.

WuXi Biologics (Stock Code: 2269.HK), as a Hong Kong-listed company, is a globally leading open, integrated biologics capability and technology enablement platform. The company provides comprehensive end-to-end research and development services to global biopharmaceutical and biotechnology companies, empowering any individual or organization to discover, develop, and manufacture biologics. It facilitates the entire process from concept to commercial production, accelerating global biologics R&D progress, reducing development costs, and benefiting patients.

As of March 22, 2021, there were a total of 361 integrated projects under development on the WuXi Biologics platform, including 190 in preclinical research, 137 in early-stage clinical trials (Phase I and II), 32 in late-stage clinical trials (Phase III), and 2 in commercial production. It is projected that after 2024, the combined capacity of the biopharmaceutical manufacturing facilities planned by the company in China, Ireland, the United States, Germany, and Singapore will reach 430,000 liters. This will strongly ensure the company’s ability to deliver biologics meeting global quality standards to customers through a robust and comprehensive global supply chain network.

WuXi Biologics regards Environmental, Social, and Governance (ESG) as an integral component of its business development and corporate ethos. The company has established an ESG Committee led by the Chief Executive Officer to uphold its commitment to sustainable development while enhancing operational efficiency.

King Star Capital, established in 2017, serves as the U.S. dollar investment vehicle of Yipu Capital. Its core management team has nearly two decades of practical experience in private equity investment, specializing in financing and capital-driven industrial symbiosis for technology enterprises, with a rich track record of successful investments. The funds managed by King Star Capital focus on investing in innovative biopharmaceutical companies.