Caixin
Oct 07, 2020 01:20 PM
BUSINESS & TECH

Chinese Drug Discovery Firm Hinova Closes $147 Million Series C

(Deal Street Asia) — Chinese drug discovery firm Hinova Pharmaceuticals Inc. has closed nearly 1 billion yuan ($147 million) in a Series C round of financing to support multi-center clinical trials and the commercialization of the firm’s drug candidates in China and internationally.

The round was backed by Shenzhen Investment Holdings, a state-owned investment firm in the southern Chinese city of Shenzhen; Chinese clinical contract research organization (CRO) Hangzhou Tigermed; Beijing-based Huarong Rongde Asset Management; and Sinopharm-CICC, a health care-focused private equity fund jointly launched by CICC Capital and drugmaker Sinopharm Group.

CCB International, a financial and investment service firm affiliated to China Construction Bank; Chinese investment firm Hongtai Aplus; and Sealand Innovation, a private equity arm of Chinese brokerage firm Sealand Securities also participated in the deal.

Other investors included China-focused fund manager Infinity Group; Founder H Fund, an equity investment subsidiary of China’s Founder Securities; and DNV Capital, a venture capital firm that focuses on health care and intelligent technology fields.

Founded in 2013, Hinova is primarily involved in the discovery, development, and industrialization of drugs for the treatment of cancers and metabolic diseases.

The Chengdu-based firm has a pipeline of nine drug candidates, including HC-1119, which is being developed in phase III of international multi-center trials to treat metastatic castration-resistant prostate cancer (mCRPC) patients, and HP501, an anti-hyperuricemia and gout drug being developed in phase II multi-center clinical trials in China.

Hinova’s website shows that the firm is seeking to recruit a chief financial officer with experience in initial public offerings (IPOs) in Hong Kong and preferred expertise in the city board’s biomedical listings, which indicates that it might be mulling an IPO. Hinova did not immediately respond to DealStreetAsia’s request for comments.

In January 2020, Hinova had raised $32 million in a series B+ round from six institutional investors including Chinese PE GF Xinde Investment. The firm had completed a series B round of $40 million led by Hermed Capital, a PE firm that invests in global healthcare startups and China-based Fosun Pharmaceutical, in July 2019.

This article was originally published by Deal Street Asia

Contact editor Yang Ge (geyang@caixin.com)

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