Avistone Pharmaceuticals, a clinical-stage biotech company engaged in precise oncology treatments, has secured more than USD 200 million in a Series A round driven by Vivo Capital, in one of the industry’s biggest investments.
Avistone, headquartered in Beijing, stated in a statement that investment firms Primavera Capital and Bain Capital also joined in the funding.
The investment will help Avistone and Pearl Biotechnology Co. merge to develop a comprehensive oncology foundation. It will also finance the advancement of Avistone’s current medication candidates as well as the development of the company’s portfolio.
According to the announcement, Avistone has been working on precision oncology therapies with an emphasis on lung cancer treatments. It has a pipeline of medicines targeting cancer’s molecular drivers, with two clinical-stage therapeutic drugs, and many others in the pre-clinical investigation.
In an interview, Hongbo Lu, managing partner and chief financial officer of Vivo Capital for Greater China, noted, “We were pleased by their devotion to develop cancer treatments.” Avistone and Chairman Hepeng Shi have been functioning continuously for almost a decade, according to Lu.
Over the last five years, China’s biotech business has grown at a fast pace, as investors relied on rising demand for healthcare services from an aging population. According to data collated by major news media, Hong Kong has now become a bustling listing center for the industry, with healthcare companies generating a record USD 8.6 billion via public offering in the year 2021.
Vivo Capital, which manages around USD 5.8 billion in capital, is a healthcare-oriented company that invests in medicines, medical equipment, and life science technologies, according to their official website. Sinovac Biotech Ltd., Bolt Biotherapeutics Inc., and Zai Lab Ltd. are among the companies in the Palo Alto, California-located company’s portfolio, according to its website.
According to Lu, Avistone may pursue a first public offering in the near future, Vivo’s growth plan is concentrated on the long term, considering Avistone’s several choices over the next two to three years is a public offering is one of them, Lu stated.