China’s Mabworks Biotech Raises US$160M in Two Series C Rounds

China’s Mabworks Biotech Raises US$160M in Two Series C Rounds

The company develops therapeutic antibodies via integrated technology.

Beijing-based biotech and pharmaceutical company Beijing Mabworks Biotech announced that it had raising funding up to RMB 1.13 billion (US $160 million) in its Series C1 and C2, DealStreetAsia reported today.

The capital will be used to strengthen Mabworks’ research and development efforts, and commercialize its macromolecule drugs.

The round was led by CICC Qide Innovative Biopharmaceutical Equity Investment Fund, CITIC Securities, healthcare-focused fund Lyzz Capital, and Huge Capital, the report said.

CICC Capital, the investment arm of state-owned Chinese investment bank China International Corporation Limited, acted as an advisor to the deal.

Among others, Bank of Communications’ subsidiary BOCOM International, Beijing E-Town International Investment & Development, SDIC Unity Capital, Yuexiu Financial Holdings’ Industrial Fund, and Sealand Innovation participated in the round.

Other investors of the company include GTJA Investment Group, Medfine Capital, QS Capital, and Beijing Yizhuang Biomedical Fund, from whom Mabworks previously raised funds in 2016, according to the report.

“We will further expedite our capacity in the emerging market, to provide affordable drugs for Chinese patients suffering from cancers and autoimmune diseases. Also, we do expect we can be more competitive by navigating the advantages in macromolecules research and partnerships with institutions,” Mabworks’ Chairman and President Dr Feng Li said in the company’s statement.

Mabworks is a clinical stage biopharma company that develops antibody medication. It uses integrated technology platforms to develop, manufacture and commercialize therapeutic antibodies. The company says that it has over 50 patents in and out of China.

Mabworks has developed over 15 biomedical assets through clinical trials in China and the United States. Their solutions cover various critical illnesses such as lung cancer, breast cancer, colorectal cancer, leukaemia, and infectious diseases. Additionally, the biopharmaceutical venture has collaborated with oncology and autoimmune diseases drug maker InnoCare Pharma to develop a novel therapy for B-cell lymphoma, the report mentioned.

The company’s previous funding round was a Series B in January 2017, according to Crunchbase data. Mabworks raised RMB 270 million (about US$38 million) in the round.

Private equity firm GTJA Investment Group acted as the lead investor in the Series B which also saw participation from Shanghai-based investment firm MF Capital and Hong Kong-based Harvest Global Investment.

Crunchbase data also shows that MF Capital led the 2003-founded Mabworks’ Series A for RMB 100 million (about US $14 million) in 2016.

Header image by Bill Oxford on Unsplash

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