JW Therapeutics Completes $100 Million Series B Financing to Advance JWCAR029 Clinical Development and Pipeline Expansion

VCBeat (WeChat ID: vcbeat) has learned that on June 9, 2020, JW Therapeutics officially announced the completion of its $100 million Series B financing round. The round was led by CPE and Mirae Asset, with participation from China Resources Zhengda Life Science Fund and Yuanhe Holdings. Existing investors, including Zhengxingu Innovation Capital, Temasek, Sequoia Capital China, ARCH Venture Partners, Juno Therapeutics (a Bristol-Myers Squibb company), and WuXi AppTec, also continued their support. This round brings the company’s total fundraising to over $200 million.

The funds raised in this financing round will be used to continuously advance the clinical development of our leading product, JWCAR029 (a CD19-targeted CAR-T therapy), further expand our R&D pipeline, and strengthen commercialization preparations to support the launch of new products. Mr. Li Yiping, Co-Founder and CEO of JW Therapeutics, stated, “We are delighted to welcome new investors. Through our joint efforts, we aim to accelerate product development to better serve patients in China.”

As an innovative, clinical-stage biopharmaceutical company focused on the research and development, translation, and application of cellular immunotherapy, JW Therapeutics China upholds its mission of “pioneering innovation to become a leader in cellular immunotherapy.” The company is committed to collaborating with domestic and international partners to build a world-leading technological innovation platform for cellular immunotherapy, jointly establish industry standards and ecosystems, drive the comprehensive advancement of cellular immunotherapy, and benefit more patients.

JW Therapeutics (China) has established a mature and stable process system along with an internationally leading cGMP (current Good Manufacturing Practice) production quality management system. It has obtained the first Investigational New Drug (IND) approval for a CAR-T cell therapy product targeting CD19 in China, covering four indications in Phase I and Phase II clinical trials. It is also the investigational product with the largest number of patients enrolled in clinical studies under IND approval in China, leading the field of CAR-T clinical research in the country.

CPE, established in June 2008, is a market-oriented, independently operated asset management firm dedicated to uncovering Chinese and international investment opportunities linked to China’s national economic growth.

Adhering to a long-term investment strategy and the core philosophy of “creating value through professionalism,” the company focuses on key investment sectors including healthcare and health, technology and industry, consumer and internet, software and business services, and real estate. CPE is committed to establishing long-term partnerships with its portfolio companies, supporting their sustainable development while simultaneously driving the overall progress of their respective industries and society at large. To date, the firm has invested in over 100 companies and, with assets under management exceeding RMB 100 billion, has become one of China’s leading asset management institutions.

Future Asset Management was established in 1997 and is one of the largest independent financial groups in Asia. Today, leveraging its extensive accumulated experience and comprehensive information resources, Future Asset provides professional financial services to investors, including asset management, wealth management, investment banking, and life insurance. With a global network spanning 15 countries and regions, Future Asset delivers optimal investment solutions to investors worldwide through its professional investment capabilities. The Group’s branch network currently operates in Australia, Brazil, Canada, mainland China, Colombia, Hong Kong, India, Indonesia, Japan, South Korea, Mongolia, Singapore, the United Kingdom, the United States, and Vietnam. As of December 2019, the Group’s assets under management totaled approximately USD 400 billion, with around 12,800 employees group-wide.

The China Resources Charoen Pokphand Life Sciences Fund is a private equity fund jointly established by China Resources Group and Thailand’s Charoen Pokphand Group, focusing on early-stage and growth-stage enterprises in the life sciences sector. The fund’s first close reached $300 million. It invests in global innovations in life sciences to meet Chinese patients’ demand for innovative products, technologies, and services. The fund’s investment team possesses extensive management and investment experience in the broader healthcare sector, helping portfolio companies enhance the value of their operations in China.

Suzhou Yuanhe Holdings Co., Ltd. (hereinafter referred to as “Yuanhe Holdings”) is an investment holding company with business operations spanning three core areas: equity investment, debt financing, and investment and financing services. Over the nearly 20 years since its establishment, Yuanhe Holdings has been deeply engaged in the field of equity investment, pursuing value-based investments along industrial chains, addressing capital needs throughout the entire corporate lifecycle, and building a comprehensive ecosystem for investment and financing services. The company is committed to becoming a discoverer of technological innovation and a practitioner of financial innovation. Adhering consistently to the principles of value investing and long-term investment, Yuanhe Holdings continues to support the development of the real economy. In particular, within the biopharmaceutical sector, it has established a comprehensive investment platform covering the entire biopharmaceutical industry chain. Its current portfolio includes investments in JW Therapeutics, Innovent Biologics, CStone Pharmaceuticals, Ascentage Pharma, and Kintor Pharmaceutical, among others.

Zhengxin Valley adheres to the investment philosophy of “long-term orientation, focus, and altruism,” striving to build China’s premier investment research and post-investment management teams. By providing ultra-long-term capital and post-investment services, it supports outstanding entrepreneurs in co-creating exceptional enterprises. Meanwhile, investors in Zhengxin Valley also enjoy stable and robust long-term returns. To date, it has invested in a portfolio of distinguished companies, including Bilibili, Toutiao, Didi Chuxing, Sunshine Insurance, Mahua FunAge, NetEase Cloud Music, Junshi Biosciences, InnoCare Pharma, Henlius Biologics, JW Therapeutics, SUPCON Technology, Luogic Thinking, and Avary Holding.

Temasek is an investment company with a net portfolio value of S$313 billion (equivalent to RMB 1.55 trillion) as of March 31, 2019. The Temasek Charter defines our roles as investors, institutions, and stewards of assets, shapes our corporate culture, and underscores our commitment to pursuing excellence, fulfilling our mission, and benefiting future generations. Our investment philosophy is guided by four major themes: transforming economies, growing middle class, strong comparative advantages, and emerging champions. We actively seek sustainable solutions to address current and future challenges, seize investment and other opportunities, and help build a better, smarter, and more sustainable world. Headquartered in Singapore, Temasek operates 11 offices worldwide.

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical experience. Over the past 48 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia Capital China focuses on investment opportunities in four key sectors: Technology/Media, Healthcare, Consumer Goods/Services, and Industrial Technology. Over the past 15 years, Sequoia Capital China has invested in nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.

Bristol Myers Squibb is a global biopharmaceutical company with the mission to “research, develop, and provide innovative medicines that help patients overcome serious diseases.” In China, the company is an industry leader in therapeutic areas such as hepatitis and immuno-oncology.

Celgene and JW Therapeutics are wholly owned subsidiaries of Bristol-Myers Squibb Company. In certain markets outside the United States, due to local laws, Celgene and JW Therapeutics are referred to as “Celgene, a Bristol-Myers Squibb company” and “JW Therapeutics, a Bristol-Myers Squibb company,” respectively.

WuXi AppTec (Stock Codes: 603259.SH/2359.HK) provides comprehensive, integrated R&D and manufacturing services for new drugs to the global biopharmaceutical industry. By empowering pharmaceutical, biotechnology, and medical device companies worldwide, WuXi AppTec is committed to accelerating the new drug R&D process and delivering breakthrough therapies to patients. Adhering to its mission of prioritizing research and maintaining a customer-centric approach, WuXi AppTec helps clients enhance R&D efficiency through cost-effective and high-efficiency services. Its service portfolio covers the R&D and manufacturing of chemical drugs, the R&D and manufacturing of cell and gene therapies, and medical device testing, among other areas. Currently, WuXi AppTec’s enabling platform supports R&D and innovation projects for more than 3,900 partners from over 30 countries, striving to bring more innovative and high-quality medicines to patients worldwide and realize its vision of “making it easy to develop drugs and cure diseases.”