– Proceeds to support continued development of targeted oncology candidates, with 5 compounds expected in clinic by end of 2015 –
BeiGene, LTD., an innovative oncology company focused on developing targeted and immune-oncology therapeutics, today announced the successful completion of a financing of over 450 million RMB ($75 million USD). The round includes initial angel and strategic investors and new investors Hillhouse Capital and CITIC PE, as well as an undisclosed blue chip U.S. public investment fund specializing in life sciences.
"We currently have three oncology candidates in Phase 1 clinical testing with global best-in-class potential, a testament to our unique translational research platform that allows us to consistently deliver targeted therapeutics with the potential to address significant unmet needs for patients in a variety of cancer indications," said John V. Oyler, CEO of BeiGene. "We are extremely pleased that this noteworthy group of investors has recognized the potential of our company. The proceeds from the financing will allow us to move forward in our clinical development as we prepare for multiple upcoming data readouts, and we also expect to bring 2 to 3 new drug candidates into the clinic during 2015 while investing in additional early-stage pipeline programs."
BeiGene is currently investigating three small molecule inhibitors in clinical development. BGB-3111, an investigational, oral, highly selective and potent inhibitor of Bruton tyrosine kinase (BTK) entered a Phase 1 study in August 2014. BGB-290, a PARP inhibitor, entered a Phase 1 study in July 2014, and BGB-283, a second-generation B-RAF inhibitor, entered a Phase 1 study in November 2013.
The company is also pursuing additional preclinical programs, including a highly potent and potentially differentiated PD-1 monoclonal antibody candidate.
"With its significant geographical advantages, novel translational research platform and first-class biology, BeiGene is truly a unique and unparalleled investment opportunity within the rapidly-growing life sciences sector," said Michael Yi, partner at Hillhouse Capital. "We are extremely excited to join this standout group of investors in the company's first significant financing round, and look forward to helping them progress in the years ahead."
"BeiGene has quickly distinguished itself not only with a top-tier scientific foundation, but an ability to consistently execute its development plan and drive different targeted and immuno-oncology candidates into the clinic," said Ke Tang, Vice President of CITIC PE. "Its noteworthy partnerships with industry leader Merck Serono, coupled with a rapidly evolving pipeline of potential best-in-class, wholly-owned assets, make this an exceptional story that we are very pleased to support."
About BeiGene (Beijing), Co., Ltd.
BeiGene is an innovative, clinical-stage Chinese oncology R&D company focused on discovering, developing and commercializing targeted and immune-oncology therapeutics through a novel translational research platform that leverages our strong internal oncology biology expertise with unique access to large number of patient-derived tumor biopsies. With a team of 150 scientists and staff, its pipeline is comprised of novel oral small molecules and monoclonal antibodies for cancer. BeiGene Ltd. is a Cayman Islands exempted company that is an investor in and collaborator with BeiGene (Beijing), Co. Ltd. For more information, please visit our website at www.beigene.com.
About Hillhouse Capital
Hillhouse Capital is an Asia-based investment firm that manages US $16 billion for university endowments, hospital foundations, single family offices, and sovereign funds. Hillhouse is a long-term investor with capabilities across private and public equities in the consumer, healthcare, Internet and industrial sectors. Founded in 2005 by Lei Zhang, the firm's five partners and thirty-person strong investment team are dedicated to finding and partnering with the best entrepreneurs globally.
About CITIC PE
CITIC PE is a Chinese private equity firm with strong local perspectives. It invests across various industries and has made high quality investments amid competitive market environment. Industry focus, proprietary network, deal execution experience and extensive value-creation capabilities are the basis of its success.
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