Hangzhou Just Biotherapeutics develops $59.7m series B

Temasek has led a series B round for Hangzhou Just Biotherapeutics that has also attracted Hangzhou Economic & Technological Development Area.

Singapore state-owned investment firm Temasek led a RMB400m ($59.7m) series B round for China-based biotherapeutics developer Hangzhou Just Biotherapeutics (Just China) today.

The round included state-level development zone Hangzhou Economic & Technological Development Area as well as insurance conglomerate Taikang Life Insurance and Lilly Asia Ventures, the regional corporate venturing division of pharmaceutical firm Eli Lilly.

Venture capital firm Arch Venture Partners and financial services firm Bank of Hangzhou also participated in the series B round.

Just China was founded in February 2016 by Just Biotherapeutics, a US-based biotherapeutics technology developer, as a joint venture, though the co-founder has not been named.

The company uses Just Biotherapeutics’ research and development platform, called J.Design, to take an integrated design approach to drug development, from molecular design through to manufacturing plant design.

Just China has a pipeline of both new and biosimilar drugs. It expects to finish construction of its R&D and manufacturing facilities by the end of 2017, before launching several clinical trials next year.

Just China has not disclosed any previous funding rounds. Just Biotherapeutics previously raised $14m in a series A2 round in July 2016 led by philanthropic organisation Bill and Melinda Gates Foundation, with participation from Lilly Asia Ventures, pharmaceutical firm Merck and Arch Venture Partners.

Lilly Asia Ventures, Merck and Arch Venture Partners earlier injected $15m in series A funding in September 2015.

Yining Zhao, co-founder and CEO of Just China, said: "The successful series B financing indicates the continual faith of existing investors in Just China. We are also thankful to our new investors for their strong support.

"Healthcare innovation in China has already entered into a new era. With joint efforts from all parties, Just China is committed to demonstrating the innovation in our products and business model, to truly accomplish our mission of providing good quality biotherapeutics for all."

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