Everest Medicines recently announced the completion of $310 million round C financing. It is not too much to say this is the largest primary market transaction in the history of Chinese biotechnology.
The $310 million round of financing includes two parts of preferred stock fundraising, a $260 million C-2 round, and a $50 million C-1 round. The C-2 round of financing is led by Janchor Partners and jointly led by RA Capital Management and Hillhouse Capital. Decheng Capital, GT Fund, Janus Henderson Investors, Rock Springs Capital, Octagon Investments, and a large long-term institutional investor, as well as existing investors CBC Group, Cormorant, Pavilion Capital, and HBM Healthcare Investments, participated in the investment.
This round of financing will be used to promote the clinical research and development of the innovative drug product pipeline of Everest Medicines and establish a strong commercial infrastructure for the next stage of growth.
“This is an important milestone for Everest Medicines, which strengthened our deep industry expertise and strategic business model to authorize the introduction and development of global innovative therapies in Greater China and Asia,” said Kerry Blanchard, M.D., CEO of Everest Medicines.
Everest Medicines is a biopharmaceutical service provider specializing in the development of innovative drugs and commercialization, focusing on meeting the unmet medical needs in China (including Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan) and other Asian markets.
Two months ago, Everest Medicines just received approval for the listing of FDA and Sacituzumab govitecan (trade name: Trodelvy) approved by clinical trials in China. This is the first FDA-approved antibody-coupled drug targeting TROP-2 in patients with metastatic triple-negative breast cancer, and it is also the eighth antibody-coupled drug approved to market in the world.