SUZHOU, China, May 8, 2018 /PRNewswire/ -- CStone Pharmaceuticals ("CStone") announced today the successful completion of a $260 million (about RMB1.65 billion) financing, the largest Series B funding in the history of the China biopharmaceutical industry. The investment was led by GIC Private Limited, Singapore's sovereign wealth fund, with participation from new investors including Sequoia China, Yunfeng Capital, 6 Dimensions Capital, CITIC PE, Taikang Insurance Group, ARCH Venture Partners, Hillhouse Capital, King Star Capital, 3W Partners, AVICT, and Terra Mafnum Capital Partners. Existing investors also participated in this round, including Oriza Seed Venture Capital , Boyu Capital, and WuXi Healthcare Ventures (currently a 6 Dimensions Capital fund). Together with the $150 million raised in Series A financing in 2016, this most recent round of funding brings the total capital raised to $410 million (about RMB2.63 billion).
Founded in 2016 and headquartered in Suzhou, China, CStone is an innovative biopharmaceutical company led by a management team comprised of seasoned executives from top multinational pharmaceutical companies. Since its founding, CStone has focused on the development of innovative drugs and combination therapies in immuno-oncology, and made significant progress in the establishment and clinical development of its rich pipeline. As of today, CStone has built a portfolio of more than ten assets, including four in various clinical stages. In particular, CS1001, China's first full-length and fully human anti-PD-L1 monoclonal antibody, is completing Phase I dose escalation study and will soon enter registrational trials. The Suzhou Translational Medicine Research Center, established by CStone at the end of 2017, will further enhance the efficiency of clinical development.
Dr. Frank Jiang, Chief Executive Officer of CStone, commented, "We appreciate the recognition and support from top domestic and overseas investors, which enabled our Series B financing to be completed in merely two months. As a young but pragmatic innovative biopharmaceutical company, we have grown rapidly in less than two years, making significant progress in pipeline development, external collaboration, and establishment of core team. This round of financing is critical for CStone's current and near-term growth."
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said, "GIC is pleased to be the lead investor in this financing round by CStone. CStone is one of China's most innovative pharmaceutical companies, with a strong pipeline, a world-class management team and a team of clinical developers with international calibre. We are confident in the long-term growth potential of China's biopharmaceutical industry and CStone's leading position in the field of immuno-oncology."
All existing investors from Series A participated in this round of financing, continuing their strong support for CStone's growth. Dr. Wei Li, Managing Partner of 6 Dimensions Capital, said, "Within only a few years, immunotherapies now account for more than half of the oncology development projects in the world. The era of cancer immunotherapy and combination therapy has arrived. As one of the founding investors, we are delighted to see CStone achieving such remarkable results in the advancement of innovative cancer immunotherapies and are convinced of CStone's potential. We are thrilled to continuing our support of CStone and their quest for the development of high quality immuno-oncology based combination therapies and becoming the leading biotech company in China."
The funds raised in this round will be primarily used for clinical development of CS1001 and other clinical stage assets, expanding company pipeline through internal R&D and external partnerships, and attracting top industry talents, for delivering breakthrough therapeutic solutions to cancer patients.
About CStone Pharmaceuticals
CStone Pharmaceuticals is a biopharmaceutical company devoted to the development of next-generation innovative drugs. With its broad immuno-oncology pipeline, the firm is pursuing a development strategy focused on combination therapy. All members of the management team are seasoned executives from top multinational pharmaceutical companies. CStone has successfully built up an industry leading team with clinical development and translational medicine as its core competence. With substantial funding and robust pipeline, CStone is well positioned as the partner of choice for multinational pharmaceutical / biotech companies to develop drugs in China and the Asia-Pacific region.
For more information about CStone Pharmaceuticals, please visit: www.cstonepharma.com
GIC is a leading global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information, please visit: www.gic.com.sg.
SOURCE CStone Pharmaceuticals