Luye Pharma Group announced the conclusion of a round of strategic financing for its subsidiary, Shandong Boan Biotechnology Co., Ltd. (Boan Biotech), bringing cumulative financing to RMB 682 million. The financing is based on Boan Biotech’s pre-money valuation of approximately RMB 4.85 billion, with the participation of reputable Chinese and international investors including YuanBio Venture, Advantech Capital, Qianhai Ark, BVCF, BOCG, Brill Capital, and others.
The capital raised will help Boan Biotech accelerate the clinical development of its varied innovative antibody and biosimilar products, enhancing competitive strengths and facilitating rapid, stable growth. The joining of strategic investors will give Boan Biotech a boost in its efforts to be an industry leader, and the early realization of its goal of becoming “a leading biopharmaceutical innovator in China with a global footprint”.
A subsidiary of Luye Pharma Group, Boan Biotech is a fully integrated biopharmaceutical company established in 2013. It specializes in therapeutic antibody development, with a focus on oncology, immunology, pain and endocrine diseases. Boan Biotech’s antibody discovery activities are based on four technologies/platforms: Human Antibody Transgenic Mouse and Phage Display Technology, Bispecific T-cell Engager Technology, ADC Technology and Nanobody Platform. Boan Biotech has expertise in the full industry chain from antibody production, lead optimization, cell line establishment, process development, technology transfer, and pilot production to commercial production. Outside of China, Boan Biotech also conducts biopharmaceutical development in the US and the European markets.
"The successful conclusion of this round of financing shows the capital market’s high confidence in Boan Biotech’s long-term strategy, capacity for innovation and development potential,” said Jiang Hua, Vice President of Luye Pharma Group and CEO of Boan Biotech, “With increased capital, we will be able to accelerate our global biopharmaceutical development, as well as the clinical development and launch of pipeline products, which will give a new impetus to the high quality growth of the Group and bring better returns to our investors.”
Boan Biotech is accelerating efforts to realize its strategy for global biopharmaceutical development, a key part of the Group’s business. Thanks to its exceptional in-house innovation capabilities, Boan Biotech has developed more than 10 innovative antibody products with international intellectual property protection and eight biosimilar products. One of the innovative antibody products is undergoing phase I clinical trials in China. Among the company’s biosimilar products, a Biologic License Application has been submitted for LY01008 (biosimilar to Avastin®) in China; LY06006 (biosimilar to Prolia®) and LY01011 (biosimilar to Xgeva®) are undergoing comparative clinical studies (phase III clinical trials) in China and phase I clinical trials in Europe, as well as the United States. Meanwhile, LY09004 (biosimilar to Eylea®) is also undergoing a comparative clinical study (a phase III clinical trial) in China.
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About Investors
YuanBio Venture
Founded in the BioBay of Suzhou Industrial Park and with a global portfolio, YuanBio Venture Capital focuses on early and growth stage life science and healthcare investments. The company’s AUM totals around 6 billion RMB, with a portfolio of over 100 companies across BioPharma, MedTech, IVD and Health Services sectors. YuanBio Venture Capital has achieved outstanding returns for investors and has been recognized as a “China Top 10 Healthcare VC” and “Most Active Healthcare Investment Firm” several times. YuanBio Venture Capital brings together senior professional investors and the world's top scientific consultants, all with rich experience in entrepreneurship, venture capital investment and business operations in biomedicine and other industries. With a focused approach and extensive industry resources, YuanBio Venture Capital aims to be one of the most successful healthcare venture capital firms in China. Since the end of 2019, three of YuanBio Venture Capital’s portfolio companies have been listed, BrightGene and Allist Pharmaceuticals on the Science and Technology Board of the Shanghai Stock Exchange, and Kintor Pharmaceutical on the Main Board of the Hong Kong Stock Exchange, while the initial listings of several other companies in YuanBio’s portfolio, such as Shengnuo Biopharm, Kawin, and Sunvou have also been approved.
Advantech Capital
Founded by Mr. Jianming Yu in January, 2016, Advantech Capital Investment is a private equity fund focused on the China market. Advantech Capital closely follows innovation-driven growth opportunities in China and invests in science & technology, innovation, and the health sector. Advantech Capital’s investment portfolio of companies in the health sector include ZAI Lab, Harbour BioMed, Synermore, KBP Biosciences, Zhejiang DTRM Biopharma, Nanjing Micro-Tech, Sinovac, Nanos Medical, ASC Therapeutics, Alphamab Oncology, TOT Biopharm, Mojo Vision, Connect Biopharmaceuticals, InventisBio, and Wellem Medical. Portfolio companies in the TMT sector include Pinduoduo, SenseTime, Himalaya, Qutoutiao, Zhihu, and Monster Charging.
Qianhai Ark
Founded in January 2016, Qianhai Equity Fund LLP is a limited partnership established in Shenzhen Qianhai Shenzhen-Hong Kong Cooperation Zone. It is the largest commercially raised fund of funds in China and the largest single commercial venture capital and private equity fund in China, with a current fund management scale of RMB 28.5 billion. Zhongyuan Qianhai Equity Fund LLP is a limited partnership established in Zhengdong New District, Zhengzhou City, Henan Province. Both funds are managed by Qianhai Ark Asset Management Co., which manages several investment platforms, covering three of the PRC’s most active economic zones, namely the Greater Bay Area, the Yangtze River Delta and the Yellow and Bohai Sea Rim.
Qianhai Fund of Funds gathers Chinese domestic investors with rich capital, strong influence and interactive resources, including various levels of government, insurance companies, banks and other financial institutions, central enterprises, private enterprises and listed companies. The fund is managed by an executive team led by Mr. Jin Haitao, with Shenzhen Capital Group Co., Ltd. as the institutional partner, and Mr. Ma Weihua, Mr. Shen Nanpeng, Mr. Xiong Xiaoge, Mr. Li Wei, Mr. Ni Zhengdong and other well-known investors as co-partners.
BVCF
Founded by Dr. Yang Zhi in 2005, BVCF is an investment company which initiates and manages funds with a focus on international growth stage life sciences companies. Its portfolio companies include 111.com, Beijing Biocytogen, CARsgen Therapeutics, CITIC Pharmaceutical, Cathay, BioNtech, and Stealth BioTherapeutics, all of which are biotechnology, medical technology and medical service companies. As of the end of 2020, the company holds around 700 million U.S. dollars in capital under its management.
BOCG
Shenzhen BioResearch Investment Fund, L.P., an investment fund registered in Shenzhen, is managed by Shenzhen Blue Ocean Investment Fund Management Co. Ltd (referred as “BOCG”). BOCG focuses on venture capital and private equity investment in the most innovative biotech companies with dual currency funds. Recent investments of BOCG include HighTide Therapeutics Inc., a global clinical-stage biopharmaceutical company focused on discovering and developing novel drugs to treat chronic liver diseases, gastrointestinal diseases and metabolic disorders, and Suzhou Life Science Co., Ltd, a leading siRNA drug development company in China devoted to the development of innovative nucleic acid therapeutic drugs and related products.
Brill Capital
Qingdao Brill Aimei Investment Partnership (Limited Partnership) is a limited partnership established in Jiaozhou City. Ningbo Meishan Free Trade Port District Brill Luoyi Equity Investment Partnership (Limited Partnership) is a limited partnership established in the Ningbo Free Trade Port District, the PRC. Both funds are owned by Brill Capital. Brill Capital is a RMB private equity fund that invests mainly in medical and pharmaceutical, high-tech, TMT and consumer sectors.
Luye Pharma Group announced the conclusion of a round of strategic financing for its subsidiary, Shandong Boan Biotechnology Co., Ltd. (Boan Biotech), bringing cumulative financing to RMB 682 million. The financing is based on Boan Biotech’s pre-money valuation of approximately RMB 4.85 billion, with the participation of reputable Chinese and international investors including YuanBio Venture, Advantech Capital, Qianhai Ark, BVCF, BOCG, Brill Capital, and others.
The capital raised will help Boan Biotech accelerate the clinical development of its varied innovative antibody and biosimilar products, enhancing competitive strengths and facilitating rapid, stable growth. The joining of strategic investors will give Boan Biotech a boost in its efforts to be an industry leader, and the early realization of its goal of becoming “a leading biopharmaceutical innovator in China with a global footprint”.
A subsidiary of Luye Pharma Group, Boan Biotech is a fully integrated biopharmaceutical company established in 2013. It specializes in therapeutic antibody development, with a focus on oncology, immunology, pain and endocrine diseases. Boan Biotech’s antibody discovery activities are based on four technologies/platforms: Human Antibody Transgenic Mouse and Phage Display Technology, Bispecific T-cell Engager Technology, ADC Technology and Nanobody Platform. Boan Biotech has expertise in the full industry chain from antibody production, lead optimization, cell line establishment, process development, technology transfer, and pilot production to commercial production. Outside of China, Boan Biotech also conducts biopharmaceutical development in the US and the European markets.
"The successful conclusion of this round of financing shows the capital market’s high confidence in Boan Biotech’s long-term strategy, capacity for innovation and development potential,” said Jiang Hua, Vice President of Luye Pharma Group and CEO of Boan Biotech, “With increased capital, we will be able to accelerate our global biopharmaceutical development, as well as the clinical development and launch of pipeline products, which will give a new impetus to the high quality growth of the Group and bring better returns to our investors.”
Boan Biotech is accelerating efforts to realize its strategy for global biopharmaceutical development, a key part of the Group’s business. Thanks to its exceptional in-house innovation capabilities, Boan Biotech has developed more than 10 innovative antibody products with international intellectual property protection and eight biosimilar products. One of the innovative antibody products is undergoing phase I clinical trials in China. Among the company’s biosimilar products, a Biologic License Application has been submitted for LY01008 (biosimilar to Avastin®) in China; LY06006 (biosimilar to Prolia®) and LY01011 (biosimilar to Xgeva®) are undergoing comparative clinical studies (phase III clinical trials) in China and phase I clinical trials in Europe, as well as the United States. Meanwhile, LY09004 (biosimilar to Eylea®) is also undergoing a comparative clinical study (a phase III clinical trial) in China.
###
About Investors
YuanBio Venture
Founded in the BioBay of Suzhou Industrial Park and with a global portfolio, YuanBio Venture Capital focuses on early and growth stage life science and healthcare investments. The company’s AUM totals around 6 billion RMB, with a portfolio of over 100 companies across BioPharma, MedTech, IVD and Health Services sectors. YuanBio Venture Capital has achieved outstanding returns for investors and has been recognized as a “China Top 10 Healthcare VC” and “Most Active Healthcare Investment Firm” several times. YuanBio Venture Capital brings together senior professional investors and the world's top scientific consultants, all with rich experience in entrepreneurship, venture capital investment and business operations in biomedicine and other industries. With a focused approach and extensive industry resources, YuanBio Venture Capital aims to be one of the most successful healthcare venture capital firms in China. Since the end of 2019, three of YuanBio Venture Capital’s portfolio companies have been listed, BrightGene and Allist Pharmaceuticals on the Science and Technology Board of the Shanghai Stock Exchange, and Kintor Pharmaceutical on the Main Board of the Hong Kong Stock Exchange, while the initial listings of several other companies in YuanBio’s portfolio, such as Shengnuo Biopharm, Kawin, and Sunvou have also been approved.
Advantech Capital
Founded by Mr. Jianming Yu in January, 2016, Advantech Capital Investment is a private equity fund focused on the China market. Advantech Capital closely follows innovation-driven growth opportunities in China and invests in science & technology, innovation, and the health sector. Advantech Capital’s investment portfolio of companies in the health sector include ZAI Lab, Harbour BioMed, Synermore, KBP Biosciences, Zhejiang DTRM Biopharma, Nanjing Micro-Tech, Sinovac, Nanos Medical, ASC Therapeutics, Alphamab Oncology, TOT Biopharm, Mojo Vision, Connect Biopharmaceuticals, InventisBio, and Wellem Medical. Portfolio companies in the TMT sector include Pinduoduo, SenseTime, Himalaya, Qutoutiao, Zhihu, and Monster Charging.
Qianhai Ark
Founded in January 2016, Qianhai Equity Fund LLP is a limited partnership established in Shenzhen Qianhai Shenzhen-Hong Kong Cooperation Zone. It is the largest commercially raised fund of funds in China and the largest single commercial venture capital and private equity fund in China, with a current fund management scale of RMB 28.5 billion. Zhongyuan Qianhai Equity Fund LLP is a limited partnership established in Zhengdong New District, Zhengzhou City, Henan Province. Both funds are managed by Qianhai Ark Asset Management Co., which manages several investment platforms, covering three of the PRC’s most active economic zones, namely the Greater Bay Area, the Yangtze River Delta and the Yellow and Bohai Sea Rim.
Qianhai Fund of Funds gathers Chinese domestic investors with rich capital, strong influence and interactive resources, including various levels of government, insurance companies, banks and other financial institutions, central enterprises, private enterprises and listed companies. The fund is managed by an executive team led by Mr. Jin Haitao, with Shenzhen Capital Group Co., Ltd. as the institutional partner, and Mr. Ma Weihua, Mr. Shen Nanpeng, Mr. Xiong Xiaoge, Mr. Li Wei, Mr. Ni Zhengdong and other well-known investors as co-partners.
BVCF
Founded by Dr. Yang Zhi in 2005, BVCF is an investment company which initiates and manages funds with a focus on international growth stage life sciences companies. Its portfolio companies include 111.com, Beijing Biocytogen, CARsgen Therapeutics, CITIC Pharmaceutical, Cathay, BioNtech, and Stealth BioTherapeutics, all of which are biotechnology, medical technology and medical service companies. As of the end of 2020, the company holds around 700 million U.S. dollars in capital under its management.
BOCG
Shenzhen BioResearch Investment Fund, L.P., an investment fund registered in Shenzhen, is managed by Shenzhen Blue Ocean Investment Fund Management Co. Ltd (referred as “BOCG”). BOCG focuses on venture capital and private equity investment in the most innovative biotech companies with dual currency funds. Recent investments of BOCG include HighTide Therapeutics Inc., a global clinical-stage biopharmaceutical company focused on discovering and developing novel drugs to treat chronic liver diseases, gastrointestinal diseases and metabolic disorders, and Suzhou Life Science Co., Ltd, a leading siRNA drug development company in China devoted to the development of innovative nucleic acid therapeutic drugs and related products.
Brill Capital
Qingdao Brill Aimei Investment Partnership (Limited Partnership) is a limited partnership established in Jiaozhou City. Ningbo Meishan Free Trade Port District Brill Luoyi Equity Investment Partnership (Limited Partnership) is a limited partnership established in the Ningbo Free Trade Port District, the PRC. Both funds are owned by Brill Capital. Brill Capital is a RMB private equity fund that invests mainly in medical and pharmaceutical, high-tech, TMT and consumer sectors.
