CANbridge Raises $98 Million to Advance Rare Disease Pipeline
February 19, 2020
Rare Daily Staff
Chinese biotech CANbridge Pharmaceuticals said it completed a $98 million series D financing round, which will be used to accelerate and expand the company’s rare disease pipeline through internal development and external partnerships.
Global growth equity firm General Atlantic and the contract services organization WuXi AppTec led the round, which included participation from RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund, and Tigermed.
CANbridge said in addition to expanding it pipeline, the proceeds will be used to expand its commercial infrastructure and capabilities in China, and supplement working capital.
“That most of this capital raise comes from global life science investors, indicates the level of enthusiasm CANbridge is generating on the world stage as an industry leader in rare disease in China,” said James Xue, funder, chairman, and CEO, CANbridge Pharmaceuticals.
CANbridge has a partnered rare disease pipeline, including Hunterase, for which it filed a New Drug Application in China as a treatment for Hunter syndrome (MPSII). It hopes to commercialize it this year. GC Pharma granted CANbridge exclusive rights to commercialize Hunterase in China. GC Pharma developed the enzyme replacement therapy, which is marketed in more than ten countries worldwide.
In partnership with WuXi Biologics, CANbridge’s pipeline also includes several drugs in preclinical development that target genetic chronic diseases, such as lysosomal storage disorders, metabolic disorders, and hematologic disorders. Under their agreement, CANbridge has exclusive regional or global rights for the therapies with WuXi Biologics receiving upfront, milestone payments and royalties. WuXi Biologics will also be the exclusive clinical supplier and primary commercial supplier for all these programs.
CANbridge also has an oncology portfolio that includes exclusive rights to develop and commercialize Puma Biotechnology’s neratinib in greater China, as well as rights to other novel candidates.
“CANbridge is an early mover and a leader in China’s rare disease market,” said Lefei Sun, managing director and head of Healthcare for China at General Atlantic. “The company has built a rich pipeline of candidates, and we believe that CANbridge is well-positioned to capture the substantial market opportunity in the Chinese biotechnology space.”
Photo: James Xue, funder, chairman, and CEO, CANbridge Pharmaceuticals
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