China Life PE completed its investment in Innovent Biologics Inc. of its $260 million Series D Financing.
Innovent Biologics, Inc., a leading biopharmaceutical company in China, is dedicated to the discovery, development manufacturing, and commercialization of high-quality biologics.
“We are gratified that our achievements have been recognized by a group of leading investors including SDIC Fund Management, China Life, Milestone, Ping An, Taikang Insurance Group and others. This financing will enable Innovent to better leverage the emerging opportunity in China to quickly develop affordable and high-quality biologic products to treat Chinese patients,” said Michael Yu, Ph.D., Innovent Biologics co-founder, Chairman and CEO.
"The biotechnology industry is in a golden period of rapid development in China, and Innovent is leading the way in that direction. We believe in Innovent’s potential in becoming a top-tier global biopharmaceutical company. We are pleased to invest and work with this excellent team, and play a role in the growth of a great company." Wan Yiqing, CEO of China Life Private Equity Investment Company.
Since its founding in August 2011, Innovent has built a robust portfolio of 12 product candidates for cancer, autoimmune disorders, ophthalmology, and cardiovascular diseases. Innovent has filed eight IND applications and has four products in clinical development, three of which are currently in phase 3 clinical trials.
Innovent is the sole strategic partner of Eli Lilly in China. The two sides have signed two strategic agreements in 2015, collaborating in high end bio-drug development, production and distribution.