Duality Biologics Completed $90 Million Series B Financing

Duality Biologics (DualityBio or Company), an innovative biotech company, announced the completion of $90 million series B financing today. This round of financing was led by Lilly Asia Ventures (LAV) and jointly invested by YUNION Healthcare Fund, Huagai Capital, NRL Capital, Green Pine Capital Partners, and Oriza Holdings, etc. Series A investor WuXi Biologics (2269.HK) continued to increase its stake in this round to accelerate DualityBio's R&D progress leveraging its premier-quality integrated technology platforms. DualityBio has raised more than $120 million since its establishment in January 2020. Major investors in the previous round include King Star Capital, WuXi Biologics, 6 Dimensions Capital, and other investment institutions. The funds raised in this round will be mainly used for conducting preclinical research, clinical trials, and expanding pipeline through strategic in-licensing, out-licensing and research collaborations globally.

Focusing on the field of oncology and autoimmune diseases, DualityBio has developed a novel internal pipeline of nearly 10 Best-in-Class and First-in-Class bispecific antibodies (BsAbs) and Antibody-Drug Conjugate (ADC) drugs, to fulfill the unmet medical needs for patients worldwide. The company has successfully developed the next-generation ADC platform with global intellectual property rights. The value of the platform has been fully validated with several drug candidates under preclinical development. DualityBio will continue to expand and enrich its novel modality drug platforms through internal R&D and external collaborations. The company has built up a strong and highly experienced international team with proven track record in preclinical research, clinical development, and global business development.

"To Translate Novel Modality into Reality". Duality Biologics was founded in January 2020 by Dr. John Zhu, a well-respected investor in the healthcare industry. DualityBio is committed to developing novel modality drugs to fulfill the unmet medical needs for patients worldwide. Focusing on the oncology and autoimmune diseases, the company has built a novel internal pipeline including nearly 10 Best-in-Class and First-in-Class bispecific antibody and Antibody-Drug Conjugate (ADC) drugs, of which several drug candidates are in the IND stage. The company has successfully built the next-generation ADC platform with global intellectual property rights. The value of this platform has been validated by a number of drug candidates under development.

The company has an international team located in China and the United States, with proven track record in the field of novel drug research, clinical development and global business development. The global clinical development team has led clinical trials for more than 50 oncology and immunology drugs, and facilitated the approval of five innovative drugs in China and the United States. The global business development team has led and executed more than 20 strategic global in-licensing, out-licensing and M&A collaboration deals, with a total valuation of more than $5 billion. DualityBio will continue to expand and deepen the existing pipeline and R&D platform, both through internal R&D effort and strategic external collaborations.

Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Menlo Park. LAV's vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that can treat diseases and improve human health.

King Star Capital was established in 2017, as the USD investment vehicle of Kington Capital. Its core management team has been specializing in private equity and venture capital investment, and accumulated more than 20 years practicing experience in financing for the development of technology companies and industries, with abundant successful investment cases. The fund managed by King Star Capital is focused on investment in innovative bio-tech companies.

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