Bai Li Si Kang Raises ￥400 Million in Series B Funding

(VCBeat) Apr. 16, 2021 -- Bai Li Si Kang Biopharmaceuticals (Hangzhou) Co., Ltd. ("Bai Li Si Kang" ) announced the completion of a Series B financing of more than RMB400 million, led by GL Ventures, with participation from Cormorant Asset Management, VMS Group and Heda Biopharmaceutical Venture Fund and existing investors including Sherpa Healthcare Partners and Oriental Fortune Capital. CEC Capital acted as the exclusive financial advisor in the transaction.

Founded in December 2017 in Hangzhou, Zhejiang Province, Bai Li Si Kang is a clinical-stage biopharmaceutical R&D company with independent intellectual property rights, which is co-founded by a number of Ph.Ds studying in the United States and returnees. It focuses on the R&D and industrialization of anti-tumor biological drugs. Bai Li Si Kang works closely with domestic and international biomedical companies to develop internationally competitive FIC/BIC drugs.

Bai Li Si Kang will use the funding to promote the international multi-center clinical trials of  BB-1701, the preclinical studies and registration of other products in the pipeline, and the construction of the company's R&D and production base. BB-1701 is a novel antibody-drug conjugate (ADC) that is currently undergoing the Phase I clinical trial in China and the United States. Its toxin Eribulin was introduced from Eisai (Japan) and has been approved to be marketed with clinically proven safety and efficacy. Bai Li Si Kang has a worldwide right in the development and commercialization of BB-1701.

Bai Li Si Kang is expected to file the application in both China and the United States this year for its second eribulin-based ADC -- BB-1705. At the same time, the company has also developed a unique technology platform of fixed-point coupling with its own intellectual property rights. Bai Li Si Kang is actively accelerating the R&D of a number of candidates having the potential to be best-in-class and first-in-class drugs.

GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.

VMS Group was established in 2006. For the past 15 years, VMS Group has grown to become a leading multi-strategy financial group providing individual, corporate and institutional investors with investment solutions as well as securities brokerage and corporate finance advisory services. Its private equity focuses on growth-stage companies in the Healthcare, Tech (including New Economy and Deep Tech) and Media sectors with visionary founders, proven track records, capable human capital and unique business models.