Chinese biotech firm Abbisko raises $123 million from Carlyle, Warburg

FILE PHOTO: The logo of the Carlyle Group is displayed at the company’s office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato

HONG KONG (Reuters) – Chinese biotech company Abbisko Therapeutics Co has raised $123 million from more than a dozen investors, including Carlyle Group and Warburg Pincus, in its latest funding round, the company said on Friday.

Abbisko said in a news release that Carlyle led the latest fundraising with Warburg, OrbiMed, Lake Bleu Capital, and an unnamed Boston-based investor as the joint leading investors.

Other investors include Janchor Partners, Sage Partners, SHC and Greater Bay Area Homeland Development Fund.

The company’s existing shareholders Lilly Asia Ventures, Temasek Holdings, Qiming Venture Partners, Hankang Capital and CICC Capital also joined the round.

Based in Shanghai, Abbisko focuses on cancer-related researches and therapy development with an extensive small molecule pipeline in oncology targeted therapy and immune-oncology areas.

The company, which did not disclose its valuation in the fundraising, said the proceeds will be used to accelerate the progress of its clinical programmes and further expand its preclinical pipeline.

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