According to PRNewswire.com, Luye Pharma Group announced that Shandong Boan Biological Technology Co. Ltd. ("Boan Bio"), its subsidiary, has completed a round of strategic financing worth 682 million RMB. The financing is based on the valuation of Boan Bio of 4.85 billion RMB before the capital increase. A number of domestic and international well-known investment firms including YuanBio Venture Capital, Advantech Capital, Qianhai Ark Assets Management, BioVeda China Fund, Blue Ocean Capital and Brill Capital participated in the latest round.
Proceeds from this round will mainly be used to accelerate the development of multiple antibodies and biosimilar drugs of Boan Bio and strengthen its market competitiveness to develop steadily and rapidly. Therefore, the participation of these strategic investors will help Boan Bio to get the leading position in the industry and accelerate its development into "China's leading global bio-pharmaceutical enterprise".
Boan Bio produces and sells wholesales drugs. The company distributes antibiotic drugs, respiratory drugs, cardiovascular drugs, vitamin tablets, health care drugs, and other related products. The company's antibody discovery based on four platforms, namely the phage display platform of fully human antibodies from transgenic mice, antibody-drug conjugate (ADC) technology platform, and platforms for bi-specific T-cell engagers (BiTEs) and nanobodies.
Boan Bio is also actively exploring cutting-edge technologies. Its cell therapy products use non-viral vectors to prepare CAR T-cells for advanced solid tumors. It continues to develop the new generation of generic and regulated CAR-T that are more effective, more affordable, and much safer. In addition to China, Boan is engaged in biological product development in the United States and the European Union.
As one of the main businesses of the group, Boan Bio is accelerating its global biopharmaceutical strategy. With the capability of innovation, the company has developed more than ten antibodies with international intellectual property, and eight biological drugs. Among them, one drug is under the phaseⅠclinical trial in China.
About YuanBio Venture Capital
Founded in September 2013, YuanBio Venture Capital manages the new bio-industry funds of 540 million yuan. The company invests in life sciences companies such as biotechnology, drug discovery, medical devices and healthcare services companies in the early stages. It provides capital, management, operation, and other post-investment support and services.
About Advantech Capital
Launched in January 2016 by Mr. Jianming Yu, Advantech Capital is a private equity fund, focused on the sectors including TMT & E-services and healthcare. Under Mr. Jianming Yu’s leadership, Advantech Capital is managed by over a dozen seasoned investment professionals with a fund size of about US$560 million.