Abbisko Therapeutics Announces $70M Series C Financing, Led by Temasek

According to its official website, Abbisko Therapeutics ("Abbisko"), an innovative biopharmaceutical company based in Shanghai Zhangjiang High Tech Park, recently announced the completion of a $70 million Series C financing, led by Temasek, joined by existing investors including Qiming Venture Partners, Jianxin Capital, GIC, Lilly Asia Ventures, CICC Capital, Loyal Valley Capital. This financing brings the total equity capital that the company has raised since its inception in 2016 to $140 million.

Proceeds from this financing will be used to advance Abbisko's four clinical programs and further expand its discovery pipeline consisting of multiple programs in IND enabling and discovery stages in oncology targeted therapy and immuno-oncology areas.

Founded in 2016, Abbisko is an oncology-focused biopharmaceutical company dedicated to discovering and developing innovative medicines to transform patients' lives in China and around the world. Abbisko focuses on novel and high potential targets to develop FIRST-IN-CLASS or BEST-IN-CLASS molecular entities. 

Since its founding, Abbisko has advanced two internally discovered small molecule drug candidates into the clinical stage. The company has also built up an extensive discovery pipeline in targeted therapy and immune-oncology areas consisting of multiple programs in candidate and lead optimization stages.

In the last twelve months, Abbisko advanced two internally discovered and developed pre-clinical candidates into the clinical stage with IND approvals in the US and China. Phase I clinical trials have either been initiated or inactive preparation in these countries and regions. Abbisko also completed two strategic collaborations to strengthen its portfolios by in-licensing two clinical-stage assets from X4 Pharmaceuticals and AstraZeneca PLC.

Temasek is an investment company with a net portfolio value of US$313 billion (RMB1.55t) as of 31 March 2019. Its investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Headquartered in Singapore, the company has 11 offices around the world.

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and San Francisco Bay Area. Currently, Qiming Venture Partners manages seven US Dollar funds and five RMB funds with over US$4 billion assets under management. Qiming Venture Partners invests in information technology, new consumer business patterns, and the healthcare sector.