Hangzhou Akeso BioPharma Secures RMB 400 Million Series B Funding, Multiple New Products Set for Global Clinical Trials Next Year

On August 8, 2017, Hangzhou Just Biotherapeutics, a company dedicated to the global development of antibody- and recombinant protein-based biotherapeutics, announced the successful completion of its Series B financing round, raising nearly RMB 400 million. The round was led by Temasek, with continued participation from existing investors Lilly Asia Ventures and ARCH Venture Partners following their involvement in the Series A round. New investors joining the syndicate included Taikang, the state-owned assets company of Hangzhou Economic and Technological Development Zone, Bank of China, and Bank of Hangzhou, with the latter two participating through an investment-loan linkage model.

To date, the total financing of Hangzhou Just Biotherapeutics has exceeded RMB 500 million.

In 2014, James N. Thomas, Victor P. Fung, and Dean K. Pettit left Amgen, where they had worked for over a decade. Leveraging their extensive experience in pharmaceutical R&D accumulated over the years, they aimed to address or eliminate a series of technical barriers hindering the efficient early-stage development of antibodies. By implementing comprehensive design solutions spanning from genetic drug molecules and process development to manufacturing facilities, they sought to create value for more patients worldwide.

The three founders established Just Biotherapeutics in Seattle, Washington. In March 2015, with the addition of Zhao Yining, the Just Biotherapeutics team was fully assembled.

James is the company’s Co-founder and CEO. He previously served as Vice President of Process and Product Development in Amgen’s Translational Research & Development department. In this role, he led the development and application of all process, analytical, and formulation technologies related to the manufacturing of clinical and commercial large-molecule products.

Thirty-five years ago, James began his engagement with the biotechnology sector as a postdoctoral fellow at the Massachusetts Institute of Technology. Since then, he has held research and management positions at Genentech, Immunex, and Amgen. Throughout his career, he has made significant contributions to the advancement of globally important therapeutic agents, including Activase®, Vectibix®, Enbrel®, Prolia®/Xgeva®, and Repatha™.

Victor serves as Co-Founder and Chief Operating Officer. Prior to joining Hangzhou Just Biotherapeutics, Victor was responsible for managing the development and commercialization of Amgen’s biosimilar product portfolio. He served as the Regional Head for Process and Analytical Sciences in Seattle and Washington, and concurrently held the global leadership role for pilot plant operations and cell resources across three business sites.

Victor has over 30 years of management experience in biopharmaceutical process development, manufacturing, and operations within the biotechnology industry. He has worked at Genentech, Immunex, and Targeted Genetics, and has successively driven the global commercialization of biologic drugs such as Activase®, Pulmozyme®, Enbrel®, and Vectibix®.

Co-founder and Chief Scientific Officer Dean possesses a comprehensive scientific background. At Immunex and Amgen, he led process development operations and held multiple management positions spanning drug delivery, formulation, analytics, and formulation science.

Prior to joining Hangzhou Just Biotherapeutics, LTD., Dean served as Executive Director of Drug Substance Development at Amgen, where he was responsible for cell culture and cell line development, purification, analytics, and biological characterization.

He is a key figure in advancing the concept of “Product Attribute Control (PAC),” which aims to actively measure attribute indicators of biopharmaceuticals during production and provide real-time process control. This concept has driven the development of innovative processes and analytical technologies in the pharmaceutical field, further helping to improve product quality and reduce costs associated with product release testing in the biopharmaceutical industry. Dean initially worked on medical device-related projects at Allergan. He later earned his Ph.D. from the Department of Bioengineering at the University of Washington and completed postdoctoral research in protein engineering.

Yi Ning Zhao is currently the Co-Founder of Just Biotherapeutics and concurrently serves as its President for Asia. Since joining Amgen in 1999, Dr. Zhao has held leadership roles in strategic development at both Amgen and Pfizer, accumulating 17 years of experience in pharmaceutical strategic management, business development, product development, and mergers and acquisitions.

Such a team has convinced Duan Guosheng, CEO of Taikang Asset, that “this first-class team possesses the capability to introduce world-leading biopharmaceutical technologies and products into China.”

In February 2016, Just Biotherapeutics established a joint venture in Hangzhou, China, with Zhao Yining, Venture Partner at Lilly Asia Ventures, serving as CEO. A few months later, the company successively completed its Series A and Series A+ financing rounds.

As an innovative biopharmaceutical company built on advanced bioproduction technology platforms, Hangzhou Just Biotherapeutics designs and employs cutting-edge antibody and recombinant protein processes for research, development, and manufacturing. By leveraging its independently developed, industry-leading Abacus™ molecular design, JP3™ process design, and J.Pod™ highly integrated production platform, the company develops biopharmaceuticals that meet international quality standards, significantly accelerating R&D timelines and substantially reducing production costs.

Dr. Zhao Yining, Founder and CEO of Just Biotherapeutics and Venture Partner at Lilly Asia Ventures, stated, “The successful completion of our Series B financing fully demonstrates the strong confidence that our Series A investors, led by Lilly Asia Ventures, have in our team. China’s biopharmaceutical industry has entered a new era, and Just Biotherapeutics aims to advance innovation in both drug R&D and business models through collaboration with various partners, thereby truly fulfilling the company’s mission.”

Dong Wubin, Deputy President of the Hangzhou Economic and Technological Development Area Sub-branch of Bank of China, stated, “Bank of China is committed to continuously providing financial support to high-quality domestic biopharmaceutical sci-tech innovative enterprises. Hangzhou Just Biotherapeutics, LTD. is dedicated to inclusive healthcare, and its cutting-edge technologies have brought hope to patients with critical illnesses both in China and overseas. Bank of China will deepen cooperation in areas such as investment banking and asset management to offer greater assistance to the company.”

Currently, Just Biotherapeutics has more than 100 researchers and bioengineers worldwide.

The company’s R&D and production center, located in the Hangzhou Eastern Industrial Park Accelerator, is scheduled to be fully completed by the end of this year and will officially commence production in the first quarter of 2018. The production center is constructed and operated in strict accordance with U.S. GMP standards and requirements.

Currently, Hangzhou Just Biotherapeutics, LTD. has established a comprehensive clinical development and manufacturing system, with several new products scheduled to enter international clinical trials next year. The funds raised in this round of financing will be primarily used for the procurement of production equipment and clinical trials.