Bain Headline | Bain Capital Invests in Innovative Drug Company Avistone Pharmaceuticals to Help It Build Cancer Precision Treatment Platform
Beijing Avistone Pharmaceuticals Biotechnology Co., Ltd ("Avistone") recently announced closure of Series A funding, raising over $200 million. Vivo Capital was the lead investor, while Bain Capital and PrimaVera were the co-investors. At the same time, Avistone acquired Beijing Purun'ao Biotechnology Co., Ltd ("Purun'ao"), another company focusing on clinical trials, thus creating a research platform for various next-generation precision therapy target drugs.
The current round of funding will help Avistone in its acquisition of Purun'ao, as well as enable it quickens its pace with respect to candidate drugs, expansion of product line and support for the company's clinical development and commercialization, thus providing more effective, safe treatment options for patients in China and beyond.
During the past ten years, the company has been devoted to clinical development and pipeline expansion of products for the treatment of tumors. One of the company's candidate drugs targeted at c-Met is already at late-stage clinical development. Earlier in this year, the company received certification awarded by National Medical Products Administration for breakthrough therapy for the drug. Avistone's product pipelines include an innovative class I drug candidate currently under Phase 1 clinical trial, and several self-developed compound candidates currently under Phase 1 clinical trials and IND stage.
Dr. Shi Hepeng, Founder and Chairman of Avistone, said: "As a science-driven biotechnology company, we possess experience and capacity with respect to drug discovery and completion of 'first-in-class' and 'best-in-class' clinical studies. We are extremely pleased to note that our product pipeline and our team's capability have been recognized by international funds like Vivo Capital, Bain Capital and PrimaVera. We will work closely with our investors as we strive to become an international biotechnology company, providing breakthrough therapy for patients."
Jonathan Zhu Jia, Managing Director of Bain Capital Private Equity (Asia), said:
"We believe that in the future, the biopharmaceutical industry in China will be driven by true differentiation and innovation. Matching of cross-border resources will be one of the main means of seizing this opportunity. Through this investment, we hope to provide Avistone with our experience and resources in life sciences. Together with the other investors, our team hopes to build Avistone into a targeted drug innovation platform that is based in China to serve the world.
Sun Liliang, Managing Director of Bain Capital Life Sciences, added:
The past three years have seen the close tie between Bain Capital Life Sciences and Bain Capital Private Equity (Asia). We carried out systematic study of life sciences in China to identify companies in the field of therapy with the best potential. Our investment in Avistone is the result of such an effort. Avistone's clinical pipeline, internally-generated research and development, not to mention a team led by Dr. Shi with in-depth understanding of research of tumor drugs, are what set it apart from others.
- Avistone Completes $200 Million-plus Fundraising, with Vivo Capital as the Lead Investor
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