Antengene Completes $120 Million Series B Financing to Accelerate Oncology Innovation Platform

VCBeat has learned that on January 2, 2019, Antengene Corporation announced the completion of its $120 million (approximately RMB 830 million) Series B financing round. The round was co-led by Boyu Capital and FountainVest Partners, with participation from Celgene Corporation, WuXi AppTec Venture Fund, and Taikang Insurance Group. Existing investors Qiming Venture Partners and Tafei Capital continued to participate in the follow-on investment.

 
Antengene Corporation is dedicated to the development and commercialization of global first-in-class novel drugs, emphasizing the differentiation and uniqueness of its clinical product pipeline and clinical R&D. At its inception, the company received equity investment from Celgene Corporation of the United States and established a strategic partnership. In August 2017, it secured USD 21 million in Series A financing, led by Qiming Venture Partners. Addressing unmet clinical needs in China and the Asia-Pacific region, the company focuses on the development of innovative oncology drugs and combination therapies. Its current product pipeline covers three major therapeutic areas: solid tumors, hematologic malignancies, and viral infections. Among these, ATG-010 (Selinexor) is the world’s first Selective Inhibitor of Nuclear Export (SINE) with a novel mechanism of action. Clinical trials for various indications are being comprehensively advanced, and its first indication—for relapsed/refractory multiple myeloma—has entered the New Drug Application (NDA) stage both domestically and internationally. Additionally, ATG-008 is the world’s first dual TORC1/2 inhibitor specifically developed for HBV-positive hepatocellular carcinoma. It is currently undergoing international multi-center clinical trials in mainland China, Taiwan, China, and South Korea, and has received support from the National Science and Technology Major Project on “Major New Drug Development” during China’s 13th Five-Year Plan period.

Against the backdrop of dramatic shifts in the capital market and profound transformation in the pharmaceutical industry, Antengene Corporation’s announcement in 2019 as the first innovative drug company to complete a $120 million Series B financing round marked a significant milestone.

The proceeds from this financing round will be primarily used to advance the continued R&D and commercialization of products such as ATG-008 and ATG-010, expand research and commercial teams, and further broaden the product pipeline through a combination of in-house R&D and external collaborations, thereby building a comprehensive platform for the development of original oncology drugs. ANTENGENE CORPORATION’s formulation workshop in Shaoxing, China, with a total area of 15,792 square meters, has been completed and is currently undergoing GMP-compliant fit-out; its future production capacity will meet the manufacturing needs of the aforementioned products. Meanwhile, ANTENGENE CORPORATION is assembling a commercialization team to establish a professional marketing system for these products.

Dr. Mei Jianming, Founder and Chairman of Antengene Corporation

 
“We are honored to have secured support from leading investment institutions both domestically and internationally, which reflects the capital market’s recognition of Antengene Corporation’s business model, executive team, product pipeline, and development strategy,” said Dr. Mei Jianming, Founder and Chairman of Antengene Corporation. “The successful completion of this financing round has further strengthened Antengene’s growth momentum. We will continue to uphold a rigorous, scientific, and patient-centric R&D ethos, leverage our comparative advantages in clinical development, and actively prepare for commercialization, with the aim of making urgently needed therapies for life-threatening diseases available to patients in China and the Asia-Pacific region as soon as possible.”

Cao Yanling, Managing Director at Boyu Capital, stated, “As a long-term investor in China’s biopharmaceutical industry, Boyu Capital is honored to serve as the lead investor in ANTENGENE CORPORATION’s Series B financing. There remains a significant unmet clinical need in the field of oncology treatment in China, and introducing first-in-class/best-in-class drugs is a crucial approach to enhancing the level of new drug research and development in the country. Dr. Mei and the ANTENGENE team bring extensive clinical development experience, and the high-quality pipeline they have introduced since the company’s inception has established their competitive advantage among domestic peers. We look forward to partnering with ANTENGENE to bring more innovative and high-quality new drugs to China, thereby benefiting Chinese patients.”

 
Li Zhen, Managing Director of FountainVest Partners, stated, “Compared to the global market, the proportion of innovative drugs in China’s pharmaceutical market is too low and falls far short of meeting the clinical needs of patients in China. The structural adjustment of the drug portfolio will bring market opportunities for the next ten to twenty years, and FountainVest Partners will continue to make patient, long-term investments in the field of innovative drugs. We are honored to serve as the lead investor for such an outstanding company as ANTENGENE CORPORATION. Dr. Mei and his team have demonstrated exceptional execution capabilities and a profound understanding of the development trends in their focused therapeutic areas, which is truly impressive. We hope to leverage FountainVest’s resources and experience in the healthcare sector to work together with ANTENGENE to contribute to the advancement of innovative drugs in China.”

ANTENGENE CORPORATION is an innovative pharmaceutical company dedicated to new drug development, clinical research, and commercialization. It focuses on addressing unmet medical needs in Asia and strives to provide patients in China and the Asia-Pacific region with cutting-edge, leading innovative anti-tumor and antiviral drugs. In April 2017, Celgene Corporation (Nasdaq: CELG), a global leader in innovative medicines, became a long-term strategic partner of ANTENGENE CORPORATION and invested in the company. Currently, ANTENGENE CORPORATION has five products in various stages of clinical development: ATG-010 is an investigational product for which a New Drug Application (NDA) has been submitted for multiple myeloma (MM), while it is in Phase II/III clinical trials for diffuse large B-cell lymphoma (DLBCL) and various solid tumors; ATG-008 is being evaluated in multi-center clinical trials for liver cancer across several Asia-Pacific regions, including mainland China, Taiwan, and South Korea; ATG-016 and ATG-019 are two investigational products targeting novel cancer mechanisms and targets, currently in Phase I/II clinical trials for various cancers, including myelodysplastic syndrome (MDS), colorectal cancer, and prostate cancer; ATG-527 is an investigational antiviral drug currently undergoing clinical studies for the treatment of influenza, respiratory syncytial virus (RSV), and Epstein-Barr virus (EBV) infections, having completed its Phase I clinical trial.

Boyu Capital is one of China’s largest private equity investment firms. With offices in Beijing and Hong Kong, Boyu provides long-term capital and operational advice to the best-managed and most innovative companies in the TMT, healthcare, consumer/retail, and financial services sectors.

FountainVest Partners, founded in 2007, is one of Asia’s most mature independent private equity firms. FountainVest focuses on long-term investments in industry-leading companies and works closely with management teams to drive growth and create diversified value across strategic, operational, financial, and industry consolidation dimensions. The firm has completed a series of successful landmark investments across Asia, Europe, and the United States, with key focus sectors including consumer, media and technology, healthcare, industrials, and financial services. Backed by some of the world’s largest sovereign wealth funds and public pension plans, FountainVest manages nearly $5 billion in assets.

Celgene Corporation (NASDAQ: CELG), headquartered in Summit, New Jersey, USA, is a global biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutic products for the treatment of cancer and other serious immune-inflammatory diseases.

WuXi AppTec (Stock Codes: 603259.SH/2359.HK) is an internationally leading open-access capability and technology platform company, providing comprehensive, integrated laboratory research and development (R&D) and manufacturing services—from drug discovery and development to commercialization—for the global pharmaceutical and medical device industries. Adhering to its mission of prioritizing research and centering on customers, WuXi AppTec leverages its cost-effective and highly efficient service platform to help global clients shorten R&D cycles and reduce costs for drugs and medical devices. The company’s platform encompasses small molecule drug R&D and manufacturing, cell and gene therapy R&D and manufacturing, as well as drug and medical device testing. It currently supports thousands of innovative R&D projects for more than 3,000 innovation partners across over 30 countries, committed to delivering the latest and best pharmaceutical and health products to patients worldwide, thereby realizing its vision of “making it easy to make medicine and cure diseases.”

Taikang, established in 1996, is one of China’s leading insurance and financial services groups, with business operations spanning three core sectors: insurance, asset management, and healthcare and elderly care. As of the end of 2017, Taikang’s assets under management exceeded RMB 1.2 trillion. Healthcare and medical services represent a key investment focus for Taikang; in recent years, it has invested in multiple projects, including WuXi AppTec, Mindray Medical, and Innovent Biologics.

Qiming Venture Partners, established in 2006, has earned a prestigious reputation in China’s venture capital industry for its exceptional investment performance. It has sequentially set up offices in Shanghai, Beijing, Suzhou, Hong Kong, and Seattle. In 2016, Qiming raised a healthcare-focused fund in the United States and established Qiming USA in Seattle. Currently, Qiming Venture Partners manages five U.S. dollar funds and four RMB funds, with total assets under management amounting to $2.7 billion.

Taifu Capital was established in 2014, focusing on the fields of new drug development and novel medical technology research. It primarily invests in promising early-stage and growth-stage enterprises. The investment team has years of experience and industry resources in these areas and is committed to helping portfolio companies grow into leading enterprises within their industries.

By ANTENGENE CORPORATION