Remegen Snares $100M in A New Funding Round

According to Bioon.com, Chinese biopharmaceutical firm RemeGen has completed a new funding round of over $100 million, co-led by Lilly Asia Ventures, and Lake Bleu Capital, with participation from Vivo Capital, Janchor Partners, and other existing investors. The domestic investment institutions Loyal Valley Capital and China Reform Overseas Hongkong Company also subscribed for part of the equity through equity transfer.

Proceeds of this round will be used to accelerate the R&D of new drugs, especially for clinical trials, and build commercial production base, including the production for RC18 and RC48.

Founded in 2008, backed by Rongchang Group, RemeGen is a leading pharmaceutical company in China. The company is committed to the scientific research, manufacturing and commercialization of drugs to change the way cancer, autoimmune and eye diseases are treated. RemeGen has world-class R&D and GMP manufacturing facilitates in Yantai, Shandong. It has also established nationwide distribution channels and ongoing licensing/partnership discussions with global pharmaceuticals, which indicates strong commercialization capability.

RemeGen conducts rigorous research and development in areas of serious unmet medical need, with a focus on antibody and fusion proteins, antibody-drug conjugates (ADCs), and bifunctional antibodies, to target treatments and attack disease. It has developed a rich pipeline of innovative drugs with over 15 indications, with five of those indications currently in pivotal trials.

RemeGen's RC18 treating Systemic Lupus Erythematosus (SLE) with a dual-target mechanism has achieved high efficacy and excellent safety profile in the pivotal trial, indicating the potential to be first-in-class and best-in-class with proven commercial value. In addition, RC48 advancing an Antibody-drug Conjugate (ADC) treating urothelial carcinoma has the potential to become the first-in-class drug for significant unmet medical needs.

Lilly Asian Ventures makes venture capital investments in Asia for Eli Lilly and Company, a global innovation-driven pharmaceutical company. The company mainly invests in promising life science companies with strong management teams and innovative technology and/or business models. Its initial focus is primarily on opportunities in China, although it will take the investments in the east and south Asia into account.

Lake Bleu Capital is a Hong Kong-based investment platform that specializes in healthcare in Asia/Greater China. With a long-term investment horizon. It manages strategies through both public and private equity with a primary focus on mid- to late-stage investments.