BlissBio Announces Over RMB 400 Million Series B Financing to Advance Innovative ADC Pipeline and Files IPO Prospectus in Hong Kong

VCBeat (WeChat: vcbeat) has learned that BlissBio (BlissBio Biopharmaceuticals (Hangzhou) Co., Ltd., hereinafter referred to as “BlissBio”) has announced the completion of its Series B financing round, raising over RMB 400 million. The round was led by GL Ventures, with participation from Cormorant Asset Management, VMS Group, and Heda Biopharmaceutical Fund. Existing shareholders Sherpa Healthcare Partners and Shenzhen Oriental Fortune Capital Co., Ltd. continued to increase their investments. CEC CAPITAL served as the exclusive financial advisor to BlissBio in this transaction.

The proceeds from this financing round will be used to advance the international multi-center clinical trials for the BB-1701 project, conduct preclinical studies and regulatory filings for other products in the pipeline, and expand the company’s R&D and manufacturing facilities. BB-1701 is a novel antibody-drug conjugate (ADC) currently undergoing Phase I clinical trials in both China and the United States. Its payload, Eribulin, is an approved anti-tumor small-molecule drug licensed from Eisai of Japan, with clinically validated safety and efficacy. BlissBio holds global development and commercialization rights for this ADC. The company’s second Eribulin-based ADC, BB-1705, is expected to file for clinical trial approval in both China and the United States this year. Meanwhile, BlissBio has developed a proprietary site-specific conjugation technology platform and is actively advancing the development of multiple best-in-class and first-in-class candidates across its tiered pipeline.

Dr. Wei Ziping, Co-founder, Chairman, and CEO of BlissBio, stated, “We are deeply honored to have gained recognition from top-tier investment institutions in the biopharmaceutical sector. We extend our sincere gratitude to renowned industry investment funds for their strong support, to our existing shareholders for their continued confidence, and to the Qiantang New Area, where we are headquartered, as well as our domestic and international partners, for their comprehensive cooperation. With the acceleration provided by this round of financing, BlissBio aims to efficiently advance the development and industrialization of multiple products in its pipeline through a combination of independent R&D and external collaborations, thereby addressing unmet clinical needs.”

Wu Zhaowei, Managing Director of Dingpei, stated, “BlissBio has become one of the most innovative biotechnology companies in China, leveraging external collaborations and its globally competitive, independently developed proprietary technologies to drive innovation in the field of antibody-drug conjugates (ADCs). We look forward to seeing the company’s products achieve clinical breakthroughs as soon as possible, providing novel ADC therapies to more patients. Dingpei Group will fully support the company. Looking ahead, we anticipate that the company will continue to ‘harness the strengths of many’ to more effectively ‘serve the health of the public.’”

Regarding this financing round, Cai Daqing, founder of Sherpa Healthcare Partners, the lead investor in the Series A round, stated: “The ADC field has experienced rapid development in recent years, creating a highly competitive landscape. We believe that with its exceptional team capabilities and robust technological advantages, BlissBio is poised to become an industry leader. The early clinical data from the company’s R&D assets have already shown promising signals, and we have high expectations for its future success.”

Mr. Wang Peijun, Partner of the Healthcare Team at Oriental Fortune Capital’s SME Development Fund and lead investor in BlissBio’s angel round, stated: “The management team at BlissBio possesses a global perspective, extensive business development (BD) resources, and rich experience in new drug development, coupled with strong execution capabilities. Within just 18 months of its establishment, the company completed clinical trial applications for its first product in both China and the United States. We have accompanied BlissBio since its inception and are delighted to see it grow into a leading innovative enterprise in China focused on the research, development, and commercialization of antibody-drug conjugates (ADCs). By selecting safer and more effective toxins and linkers, targeting unmet clinical needs, and implementing efficient and scientifically robust clinical protocols, the company is poised to achieve differentiated advantages in the global ADC competitive landscape.”

Dr. Zhang Xiao, Partner at CEC CAPITAL, the financial advisor for this transaction, stated: “As a leading domestic innovator in ADC R&D, BlissBio possesses end-to-end ADC development capabilities, with distinct advantages in the core areas of toxin and conjugation technologies. We are deeply impressed by the founding team’s extensive industry experience and efficient execution. This financing round attracted strong interest from multiple investors across mainland China, Hong Kong, and overseas, resulting in oversubscription by several folds, which further underscores the company’s leading position and global competitiveness. We are honored to have facilitated the completion of this financing round and look forward to the smooth progress of BlissBio’s product development, enabling its therapies to reach the market soon and benefit patients worldwide.”

BlissBio was established in Hangzhou, Zhejiang Province, in December 2017. It is a clinical-stage biopharmaceutical R&D enterprise with independent intellectual property rights, co-founded by multiple Ph.D. holders who returned to China after studying in the United States. The company focuses on the research, development, and industrialization of innovative biologics for oncology. Its core team possesses extensive experience in the successful R&D and commercialization of multiple products in this field, as well as expertise in various technological platforms. Upholding its core corporate value of “Harnessing Collective Strength to Safeguard Public Health,” BlissBio collaborates closely with domestic and international biopharmaceutical companies to advance first-in-class (FIC) and best-in-class (BIC) innovative biologics with global competitiveness.

GL Ventures is the venture capital fund under Hillhouse Capital that focuses on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software and hard technology, consumer internet and technology, and emerging consumer brands and services. Biopharmaceuticals and medical devices have long been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding enterprises in the fields of biopharmaceuticals, medical devices, and healthcare services. We aim to partner with companies as “friends of time,” jointly driving innovation and development in the broader healthcare industry to benefit more patients.

Dingpei Group is a leading diversified financial group, offering services in asset management (private equity, real estate investment, and structured finance), securities brokerage, and corporate finance advisory. In private equity investment, the group focuses on innovation and growth opportunities in key sectors such as healthcare, Technology, Media, and Telecommunications (“TMT”), and consumer industries. The Dingpei Healthcare team is dedicated to identifying outstanding global innovative healthcare companies that address unmet clinical needs, with investment areas spanning therapeutics, diagnostics, and comprehensive health management services. To date, Dingpei Group has successfully completed over 100 investments both within and outside China, with total assets under management exceeding USD 3.8 billion.

Sherpa was founded in 2018. Its founders previously worked together at a leading Chinese venture capital firm, where they established and led the healthcare investment team in 2011, overseeing healthcare investments and managing healthcare funds. United in purpose and resilient through challenges, the Sherpa team has emerged as an influential venture capital institution in China’s healthcare sector. The firm has invested in multiple industry leaders across key sectors, including life sciences, pharmaceuticals, medical devices and diagnostics, and healthcare services. Honed over a decade from 2011 to 2020, through four fund vintages and more than 100 healthcare projects, Sherpa has had the privilege of partnering with numerous outstanding entrepreneurs, growing together along the journey.

SME Development Fund (Shenzhen Nanshan Limited Partnership) was established with direct capital contribution from China SME Development Fund Co., Ltd., which also mobilized co-investment from limited partners (LPs) including the Shenzhen Government Guidance Fund, the Shenzhen Nanshan District Government Guidance Fund, Shanghai Pudong Development Bank, CCB Life Insurance, Vanke Co., Ltd., and Shanxi Securities. The fund’s general partner (GP) is Shenzhen Fuhai SME Development Fund Equity Investment Management Co., Ltd., a subsidiary controlled and managed by Shenzhen Oriental Fortune Capital Co., Ltd. The fund primarily focuses on national strategic emerging industries such as biopharmaceuticals, semiconductors, artificial intelligence, information security, and enterprise-level services.

CEC Capital is a leading new-economy investment bank in China, focusing on three major sectors globally: TMT, consumer, and healthcare. In addition to its investment banking services, CEC Capital manages both an RMB fund and a USD fund. The firm maintains offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities market. Healthcare is a key focus area where CEC Capital possesses deep expertise; it has ranked for four consecutive years as the new-economy investment bank with the highest number of healthcare industry transactions in China. Furthermore, CEC Capital boasts the largest, most professional, and most comprehensively integrated healthcare investment banking team in the country.