Innovent receives $25 million in Series B financing
Press Release -- Innovent Biologics, Inc., a company dedicated to the development and manufacturing of monoclonal antibodies to be marketed in the rapidly growing China market and elsewhere around the world, has raised $25 Million in a Series B financing to put toward the continued expansion of its pipeline and manufacturing capabilities. The money comes from Lilly Asia Ventures, part of the innovative global pharmaceutical company Eli Lilly, and from Fidelity Biosciences and Fidelity Growth Partners Asia, a division of Fidelity, one of the world's leading financial services companies. Fidelity is a follow-on investor from the Series A.
"We are fortunate to have world's premier investors believing in our team and business. Biologics are going to be a huge category in China just as they are worldwide, which presents a unique, once in a lifetime opportunity. Innovent has positioned itself to be a leading biologics company in China", Said Michael Yu, Ph.D., Co-founder, President and CEO of Innovent Biologics.
The team at Innovent brings extensive experience in the discovery, development and manufacture of biologics in the US, Europe and worldwide and were involved in the launch of such products as Bexxar, Conbercept, Humira, Natrecor, Oncorine, Orencia, and others.
Innovent has a GMP-compliant pilot plant for the production of clinical trial material and is building a new campus located in Suzhou near Shanghai China. In addition to laboratories and offices, the campus will house a commercial manufacturing plant with multiple 12,000 L bioreactors and a pilot plant, with two 1000L bioreactors, for production of clinical materials. The 90,000m2 biopharmaceutical facility will be the largest biologics production facility in China designed to comply with international requirements for cGMP as defined by the European EMA and the US FDA, as well as meet China SFDA cGMP regulations.
Companies who want to leverage the Innovent commitment to bring quality manufacturing and development to the expanding China biologics market have helped Innovent begin building a pipeline of biologics. The pipeline currently includes a CD20 antibody for Non-Hodgkins Lymphoma (NHL) and other B cell mediated diseases, a bispecific antibody for cancer and an antibody for oncology. Innovent continues to actively seek product candidates for in-licensing and co-development.