EOC Pharma tackles $32m series B
Posted on 08 November, 2017 by Callum Cyrus, reporter
EOC Pharma has licensed six mid to late-stage oncology drugs for release in the Chinese market and will aim to acquire additional assets with the series B funding.
China-based oncology-focused commercialisation firm EOC Pharma closed a $32m series B round yesterday led by Taikang Industry Development Fund, a private equity vehicle owned by the provincial government of Shandong.
The vehicle is managed by fund manager Taikang Investment and its partner Juneng Capital.
VC firm Sequoia China also backed the round along with private equity firm H&Q Asia Pacific. EOC confirmed Sequoia China had led a previously undisclosed series A round, though further details have not been revealed.
Founded in 2015, EOC Pharma licenses mid to late-stage oncology assets from overseas businesses and develops them for the Chinese market.
The business has licensed six oncology drugs to date, including treatments for breast and gastric cancer due to start phase 3 registration trials in China in 2018, as well as an immuno-oncology asset and a therapy for rapidly spreading tumours.
Trade paper Endpoints News named entinostat as the breast cancer therapy licensed from US-based drug developer Syndax Biotech, while Australia-based biotech firm Prima Biomed provided EOC with its Imp321 protein to treat breast cancer.
The series B capital will go towards advancing the clinical development pipeline and tracking down additional late-stage oncology assets that could provide relief to patients in China.
Xiaoming Zou, founder and CEO of EOC Pharma, said: “Investment from these top funds underscores the confidence in our strategy to advance differentiated, globally developed oncology products that can transform patients’ lives.
“Our team’s unique track record for strategic partnering and commercialisation in China, along with our dedicated manufacturing and local development capabilities, position EOC to successfully leverage the improved clinical and regulatory environment and rapidly growing healthcare market in China.”
See more from this Government Report: People's Republic of China
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