Oncologie Secures $80 Million Series B Financing to Advance Global Clinical Development of Novel Immuno-Oncology Therapies

Oncologie, Ltd. (“Oncologie”), a global leader in combination cancer immunotherapy, has recently completed an $80 million Series B financing round. The round was led by Dingfeng BioCapital and Nan Fung Life Sciences, with participation from Panacea Venture, HuaLing Capital, Zheshang Industry-Finance Integration, Jiuyou Capital, Huoshanshi Capital, as well as prominent South Korean funds Korea Investment Partners and KB Investment.

China Everbright Capital served as the exclusive financial advisor to Dinghang Pharma in this round of financing.

Dinghang Pharma is a global leader in innovative medicines, specializing in cancer immunotherapy. The company currently has three clinical-stage products, primarily covering multiple solid tumor indications such as liver cancer, gastric cancer, lung cancer, and melanoma. This Series B financing will be mainly used to advance global clinical studies of the company’s multiple innovative products, as well as to develop corresponding novel biomarkers. The company is about to launch an international multicenter Phase II clinical study on gastric cancer in the United States, South Korea, the European Union, and Taiwan. Concurrently, other international multicenter clinical trials targeting additional solid tumors will also cover China.

Currently, innovative pharmaceutical companies in China, particularly those adopting the License-in development model, have entered a new historical stage. First-generation License-in platform enterprises primarily licensed products for the China region (or Greater China) from large multinational pharmaceutical companies. With the introduction of a series of important regulatory policies in China, the domestic biopharmaceutical market environment has undergone significant transformation. In the future, for innovative drug companies to succeed, they must target both overseas and domestic markets simultaneously. The emergence of Dinghang Pharma exemplifies this new development trend. Dinghang Pharma holds global rights to its product pipeline and conducts concurrent global and clinical development in China through an experienced clinical team, positioning it as a leader among domestic innovative pharmaceutical companies in this regard.

Meanwhile, Dinghang Pharma’s founding team comprises top-tier global entrepreneurs and scientists, attracting investors from diverse regions including the United States, China, and South Korea. The emergence of Dinghang Pharma signals a greater alignment between venture capital investment strategies in Greater China and global trends—shifting from a previous focus on supporting Chinese entrepreneurs both domestically and abroad to actively seeking out the best teams worldwide. By leveraging the capital and resource advantages of Greater China, this approach empowers global entrepreneurs, elevating the strategic objective from merely narrowing the gap between China’s and foreign pharmaceutical industries to addressing common clinical medical challenges facing humanity.

Dr. Laura E. Benjamin, Co-founder and CEO of Dinghang Pharma, stated, “Dinghang Pharma is an innovative pharmaceutical company dedicated to the global clinical development of best-in-class anti-tumor drugs with worldwide rights, while focusing on commercialization in China. Capital support has been crucial to the company’s rapid growth since its inception. We extend our gratitude to Nanfeng Life Sciences and Dingfeng Life Sciences Capital for their support of Dinghang Pharma. This round of financing will accelerate the global clinical progress of our existing product pipeline. We boast a global team composed of experienced executives from multinational pharmaceutical companies, along with a global drug development platform. Combination therapy is a key direction for enhancing the efficacy of tumor immunotherapy and holds immense potential for market expansion. We are committed to developing novel anticancer drugs for cancer patients in China and around the world.”

Commenting on the transaction, Dr. Wei Jianzhong, Managing Partner at DF Biopharma Capital, stated, “Oncology immunotherapy is a key area of focus and strategic investment for DF Biopharma Capital. We strongly align with Dinghang Pharma’s development philosophy and strategic direction in combination immuno-oncology therapies. Its product pipeline boasts global intellectual property rights and international competitive advantages. Over the past year, Dinghang Pharma has achieved breakthrough progress in the research and development of tumor biomarkers. Furthermore, Dinghang Pharma’s team is rare among innovative pharmaceutical companies for being truly international, with deep expertise in both the global pharmaceutical industry and academia. We are delighted to collaborate with the Dinghang Pharma team led by Dr. Benjamin. DF Biopharma Capital will provide robust support in terms of capital and resources to accelerate the company’s growth and ultimately benefit patients.”

As the financial advisor for this transaction, Ms. Irene Hong, Partner at China Renaissance Capital (Caihua Capital), stated: “Dinghang Pharma is one of the few innovative pharmaceutical companies in China whose products possess international competitiveness and whose clinical development ranks among the global leaders. The druggability of its pipeline is well-established, and it holds immense market potential. Furthermore, Dinghang Pharma boasts an exceptional international team and robust capabilities and resources in international business development (BD). Such enterprises are more likely to be favored by top-tier investment institutions even during a capital winter. China Renaissance Capital is dedicated to identifying and supporting the growth of leading companies across various sub-sectors of the healthcare industry, having cultivated a portfolio of clients with clear investment value. We remain committed to facilitating mutually beneficial partnerships between premier enterprises and first-class investment firms, thereby promoting the long-term, healthy development of China’s healthcare sector. China Renaissance Capital is honored to have advised Dinghang Pharma on this financing round and is confident in our ability to support the company’s long-term growth into a global leader in the pharmaceutical industry.”

Dinghang Pharmaceuticals was founded in 2018 and is dedicated to the discovery and development of novel drugs for combination immuno-oncology therapies. Leveraging the academic expertise and extensive commercial experience of its founding team, the company has established a portfolio of new drug candidates with global intellectual property rights and high differentiation. The company’s product candidates include first-in-class drugs with novel mechanisms of action, best-in-class drugs that offer improvements over existing therapies, and a companion diagnostic platform for cancer immunotherapy. Among these, two candidates (Drug B and Drug L) are in clinical stages. The company is currently conducting three clinical trials simultaneously. Headquartered in Boston, Dinghang Pharmaceuticals maintains clinical execution teams in both Boston and Shanghai.

Dingfeng Life Sciences Capital is a subsidiary of Nanfang Life Science Group Limited (“Nanfang Life Science”), the global life sciences investment arm under Hong Kong’s Nan Fung Group. Founded by Mr. Zhang Shicheng, Managing Director and Chief Operating Officer of Nan Fung Group and Chairman of Nanfang Life Science, Dingfeng Life Sciences Capital counts Dr. Wei Jianzhong, Mr. Gao Meng, and Mr. Zhang Yongkang as its managing partners. The firm is dedicated to identifying innovative products and technologies worldwide and establishing a portfolio of leading biopharmaceutical companies across the Pan-Pacific region to meet growing healthcare demands in global markets, particularly in China. Its investment scope spans multiple related sectors, including biopharmaceuticals, medical devices, and healthcare services.

Nanfeng Life Sciences, a member of the Nan Fung Group, is a global investment platform dedicated to life sciences. Founded in 1954, the Nan Fung Group is a diversified conglomerate integrating real estate development and investment, life sciences investment, and financial investments. Leveraging the Nan Fung Group’s substantial financial resources and long-term commitment to the sector, Nanfeng Life Sciences strives to become the preferred partner for scientists, entrepreneurs, companies, and investors in the life sciences field. With offices established in both the United States and China, its investment portfolio includes numerous influential biopharmaceutical companies and specialized funds both domestically and internationally, covering early-, mid-, and late-stage developments in drug discovery, medical devices, and medical diagnostics.

Panacea Venture Management Co., Ltd. was established in 2017 as an investment firm founded by James Huang, former Managing Partner of KPCB China. The firm primarily invests in innovative startups and growth-stage companies with high development potential in the fields of biopharmaceuticals, medical devices, and related sectors.

Hualing Capital, established in 2012, is a private equity fund management firm specializing in the life sciences sector. It focuses on key subsectors such as innovative drug development, minimally invasive surgical devices, and precision medicine. The firm boasts a management team with extensive experience in domestic and international equity investment and capital operations. Hualing Capital manages multiple RMB and USD-denominated funds. Guided by its strategic philosophy of “industry specialization + geographic expansion,” it has initiated and established numerous equity investment funds in cities including Shanghai, Hong Kong, Wuhan, Qingdao, and Wenzhou, and has forged strong collaborative partnerships with medical industrial parks in Beijing, Nanjing, Taizhou, Chengdu, and other regions. Its portfolio includes a number of high-quality, standout companies such as Kangxin New Materials (SH600076), Mingde Biology (SZ002932), Imabio Pharmaceuticals, Kezhou Pharmaceutical, Laogui Biotech, Waipai Pets, Songli Biotechnology, and Surui Medical.

Zhejiang Zheshang Industry-Finance Holding Co., Ltd. was established in Hangzhou in April 2017, with a registered capital of RMB 100 billion. The company was founded by over 30 industry-leading enterprises from both new and old Zhejiang merchant groups across China (representing more than 60 listed companies in practice), making it the largest carrier-level investment platform in Zhejiang Province to date and has been included as a key project in the construction of the Qiantang River Financial Harbor. The company positions itself as a bridge linking industrial capital with financial capital, facilitating the development of the real economy by actively exploring innovative paths for the integration of industry and finance. Its equity investment business focuses on identifying and nurturing emerging industries, centering on high-end manufacturing, biomedicine, and energy and environmental protection sectors, to explore new drivers of economic growth. The company currently manages assets exceeding RMB 160 billion.

Jiuyou Capital was jointly founded by over 100 elite professionals from the financial sector, leveraging robust background resources across listed companies, enterprises listed on the National Equities Exchange and Quotations (NEEQ), equity investment firms, banks, trust companies, securities firms, public mutual funds, and wealth management companies. Jiuyou Capital operates four core business segments: investment management, wealth management, financial advisory (FA) services, and consulting services. Currently, Jiuyou has more than 300 partners, establishing a nationwide network that aggregates financial resources, making it China’s largest platform for integrating financial partner resources.

Volcanic Stone Capital was established in May 2016, dedicated to discovering, investing in, and serving high-growth-potential startups in the fields of Chinese internet innovation, pan-intelligent technologies, and new healthcare. It provides sustained value-added services to grow alongside these companies. As a professional venture capital fund with a global perspective, it delivers superior returns to investors. Volcanic Stone Capital currently manages total assets under management exceeding RMB 2.2 billion. The three founding partners—Zhang Suyang, Dong Yeshun, and Wu Ying—have maintained close collaboration for many years as partners in top-tier USD and RMB funds. Collectively, they bring over 60 years of investment and corporate management experience, along with deep industry resources.

Korea Investment Partners, established in 1986, currently has a team of over 80 professionals, has invested in more than 600 companies, and manages assets exceeding $2.5 billion. The firm maintains offices in Seoul, Shanghai, Beijing, and Sunnyvale. Korea Investment Partners is dedicated to identifying and partnering with bold, innovative entrepreneurs who aspire to change the world. Its private equity investment activities span multiple countries, including South Korea, China, Europe, Southeast Asia, and Israel, covering sectors such as healthcare, retail and consumer goods, intelligent manufacturing, and TMT (Technology, Media, and Telecom). With over three decades of venture capital experience, the firm has demonstrated exceptional agility in adapting to rapidly changing market conditions. Its portfolio includes Kakao (KOSDAQ: 035720), Naver (KRX: 035420), YG Entertainment (KOSDAQ: 122870), Bodyfriend, Osstem Implant (KOSDAQ: 048260), Doubleu Games (KOSDAQ: 192080), and Didi Chuxing.

KB Investment (KBIC), established in 1990, is one of South Korea’s leading venture capital and private equity investment firms. As of December 2013, it managed assets exceeding USD 1.4 billion. KBIC is a subsidiary of KB Financial Group, South Korea’s premier financial conglomerate, which boasts the largest domestic customer base and the most extensive branch network in the country. The KBIC team is renowned for its industry thought leadership, extensive and robust industry relationships, and distinctive, specialized investment methodologies. KBIC invests in both public and private companies across all stages, including early-stage, growth-stage, and mature-stage enterprises, with a focus on sectors such as IT, industrials, consumer goods, healthcare, and clean technology.

As a leading investment bank in China’s new economy, China Renaissance focuses on three major sectors globally: TMT, consumer, and healthcare. Beyond its investment banking services, China Renaissance 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 China Renaissance possesses deep expertise. Its multidisciplinary team, comprising talent from R&D, funds, medical institutions, and corporate groups, enables the firm to demonstrate profound understanding and insight into the healthcare industry and its investment logic.