China-based immunotherapy developer I-Mab Biopharma closed a $220m series C round last week that included Tasly Capital, the corporate venture capital subsidiary of pharmaceutical company Tasly Pharmaceuticals.
The round was led by Hony Capital, the private equity firm formed by conglomerate Legend Holdings, and also featured Hillhouse Capital, Hopu Investments, CDH Investment, Ally Bridge Group, C-Bridge Capital and the Singapore state-owned EDBI.
Formed through the March 2017 merger of biologics technology developers Third Venture Biotech and Tasgen Bio, I-Mab is developing immuno-oncology and immuno-inflammation drugs to treat cancer and autoimmune diseases.
The company has more than 10 drugs currently in development and will use the funding to advance that product pipeline. China Renaissance was financial adviser for the round.
Tasly and C-Bridge took part in the round as existing investors having provided $150m in series B funding to support the merger deal.
Jingwu Zang, I-Mab’s founder and chief executive, said: “We are very proud that our innovative research and clinical development capabilities are recognised by the leading investors.
“In a very short time, I-Mab has built a globally competitive pipeline and a highly experienced team to deliver the pipeline milestones. This round of financing will facilitate further development of our innovative assets in China and internationally.”
Tasgen was a joint venture formed by Tasly, C-Bridge Capital, immunotherapy producer Genexine and I-Bridge Capital, the venture capital firm that invested in Third Venture in 2016.