Canbridge Pharmaceuticals Completes $98M Series D Financing

According to businesswire.com, CANbridge Pharmaceuticals Inc. ("Canbridge Pharmaceuticals"), a biopharmaceutical company developing innovative drug candidates to treat underserved medical conditions in China and other markets, announced the completion of a US$98 million Series D financing. The round was led by General Atlantic, a leading global growth equity firm, and WuXi AppTec. Each firm also has the option to invest up to an additional $10 million, upon the satisfaction of certain conditions by CANbridge. Additional participating investors in this round include RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund and Tigermed. 

The proceeds, the majority of which come from global investors, will be used to accelerate and expand the CANbridge rare disease pipeline through internal development and external partnerships, further build CANbridge's commercial infrastructure and capabilities in China and supplement working capital.

CANbridge has been recognized as a leader in orphan diseases in China. It has a global partnership with WuXi Biologics to develop and commercialize proprietary therapeutics for the treatment of rare genetic diseases. In greater China, it has an exclusive licensing agreement to commercialize Hunterase^®, an enzyme replacement therapy for the treatment of Hunter syndrome, developed by GC Pharma and marketed in more than ten countries worldwide. 

CANbridge also has an oncology portfolio, which includes exclusive rights to develop and commercialize Puma Biotechnology's NERLYNX^® (neratinib), in greater China, as well as rights to other novel candidates.

"CANbridge is an early mover and a leader in China's rare disease market," said Sun Lefei, Managing Director and Head of Healthcare for China at General Atlantic. "The company has built a rich pipeline of candidates, and we believe that CANbridge is well-positioned to capture the substantial market opportunity in the Chinese biotechnology space. We are excited to partner with the CANbridge team to support the company's vision to bring innovative therapeutics to patients across China."

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector-specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide.

RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies developing drugs, medical devices, and diagnostics. It provides seed funding to startups and lead private, IPO, and follow-on financings for portfolio companies.