On Wednesday, clinical-stage biotech Avistone Pharmaceuticals announced that it has raised more than $200 million of financial backing to support its business combination with Pearl Biotechnology.
On Wednesday, clinical-stage biotech Avistone Pharmaceuticals announced that it has raised more than $200 million of financial backing to support its business combination with Pearl Biotechnology.
Avistone is looking to work with Pearl to form an integrated oncology platform focused on patients with unmet medical needs. The funds will also support its extensive pipeline of targeted therapies for molecular drivers of cancer, including its ongoing programs and two clinical-stage drug candidates. It will also help prepare the company for commercialization outside of China.
Avistone’s most advanced asset is its c-Met inhibitor for genetically-defined populations of non-small cell lung cancer (NSCLC) and glioblastoma (GBM). The drug has gained Breakthrough Therapy designation by China’s National Medical Products Administration (NMPA).
The investment was led by Vivo Capital, which was joined by Bain Capital and Primavera Capital.
“We are thrilled for our company, team, and product pipeline to be recognized by such well-established global life sciences investors as Vivo Capital, Bain Capital, and Primavera Capital,” said Dr. Hepeng Shi, chairman, CEO and founder of Avistone. “We look forward to leveraging their resources and capabilities to realize our vision to become a global oncology leader that provides more effective treatment options and improves the quality of life for patients around the world.”
Health care firm Vivo Capital, which has $5.8 million in assets and over 315 public and private companies worldwide, led the funding and expressed excitement over the opportunity to lead this strategic investment.
Shan Fu, managing partner and CEO of Greater China for Vivo Capital, stated that he is excited about Avistone’s progress. Vivo’s investment deal demonstrates its capabilities in innovation and private equity transactions in China and extraordinary partnerships both internally, led by Drs. Hongbo Lu and David Liu, and externally by private equity firms Bain Capital and Primavera Capital.
“Over the past several years, Bain Capital Life Sciences and Bain Capital Asia Private Equity have systematically studied the life sciences landscape in China to identify the most attractive therapeutic areas and the most promising companies, and this exciting investment represents a culmination of our cross-platform efforts,” said Ricky Sun, a managing director at Bain Capital Life Sciences. “We are excited to collaborate with Dr. Shi and his team, and to provide the necessary resources to enable the Company to build a best-in-class targeted oncology platform that brings transformative products to patients all over the world.”
The investors believe the biotech firm shows promise and hope to reach a global scale, send it to the international stage, and get possible partners when the right moment comes.
