HaiHe Biopharma Secures $146.6 Million Financing Led by Huagai Capital to Advance Oncology Pipeline

On February 11, 2019, VCBeat learned that Shanghai Haihe Biopharma Co., Ltd. (hereinafter referred to as “Haihe Biopharma”) announced the completion of a $146.6 million financing agreement. The round was led by Huagai Capital, with participation from Yingke Capital, CSPC Pharmaceutical Group, Hillhouse Capital, CAS Venture Capital, Liansheng Venture Capital, Boyuan Capital, Caijin Capital, and Dahua Pharmaceutical. The proceeds from this financing round will be primarily used to accelerate the clinical and preclinical research and development of the company’s multiple proprietary novel anti-cancer drugs.

Haihe Biopharma, located in Zhangjiang Science City, Shanghai, has been operating since the merger of Haihe Biopharma Co., Ltd. and Nuomaisi (Shanghai) Pharmaceutical Technology Co., Ltd. in March 2018. The company is dedicated to the discovery, development, and commercialization of innovative oncology drugs. Currently, Haihe Biopharma has established a preclinical evaluation technology platform and clinical research system for new drugs, encompassing units for drug synthesis, quality research, formulation studies, pharmacological and efficacy evaluation, biomarker discovery and validation, medical strategic planning, and clinical trials. The company’s pipeline includes 10 clinical-stage compounds and 5 preclinical compounds, nine of which are novel first-in-class drugs. Two products are in Phase III clinical trials, two are in pivotal Phase II clinical trials, and six products have achieved proof-of-concept (POC), with several candidates demonstrating best-in-class potential.

Haihe Biopharma's R&D Pipeline

Dong Ruiping, CEO of Haihe Biopharma, stated: “We are deeply grateful to the many powerful and professional investors who have safeguarded our journey in innovative drug development. These top-tier investment institutions possess a keen sense for innovation and market dynamics; they are leading investors with substantial strength in the pharmaceutical industry, and trusted partners with whom we share deep ties and a solid foundation for collaboration. We believe that this round of financing will certainly bolster the strong momentum of Haihe Biopharma’s R&D of innovative anti-tumor drugs, driving progress through science to benefit cancer patients sooner and create value for society.”

Zeng Zhiqiang, Managing Partner of Huagai Capital’s Healthcare Fund, stated: “We are honored to partner with Haihe Biopharma. Huagai has long followed Haihe Biopharma, whose founders and management team represent a powerful combination in early-stage drug discovery, clinical development, and commercialization, demonstrating exceptional original innovation capabilities. Over the past year, Haihe Biopharma obtained approvals for more than ten investigational new drug (IND) applications, achieving significant breakthroughs in its oncology target portfolio and the advancement of clinical programs. We have strong confidence in this experienced team with robust execution capabilities and its substantial growth potential. We also thank the other investors for joining us, and we hope that our strong and diverse investor consortium will collectively support Haihe Biopharma’s long-term development.”

Qian Mingfei, Chairman of Yingke Capital, stated: “We are delighted to participate in this round of financing for Haihe Biopharma. The company boasts a robust R&D pipeline and a first-class core team. Its products—including oral paclitaxel, therapeutics for diabetic foot, small-molecule targeted drugs, and chemotherapy agents—are highly competitive in the market. With strong policy support for China’s innovative pharmaceutical industry and the expansion of medical insurance coverage and formularies, Haihe Biopharma’s products have substantial market potential and significant growth prospects. Yingke Capital is committed to working alongside other investors to support Haihe Biopharma in contributing to the advancement of global human health.”

Haihe Biopharma Co., Ltd. was established in March 2011 as a biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative anti-tumor drugs. Guided by its mission to “embrace diversity, foster harmony and win-win cooperation, prioritize innovation, and benefit humanity,” the company adheres to a path of independent innovation. Through a strategic partnership with the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, it seeks to advance the international development of original drugs from China. The company currently has 10 clinical-stage compounds and 5 preclinical compounds, nine of which are first-in-class novel drugs.

Reprinted from: Yigu