BEIJING, SAN FRANCISCO & BOSTON– Avistone Pharmaceuticals (“Avistone” or “the Company”), a clinical-stage biotechnology company focused on precision oncology therapeutics, today announced it has received a strategic investment of more than $200 million led by Vivo Capital with participation from Bain Capital and Primavera Capital (collectively the “Investor Group”). The investment will support the combination of Avistone with Pearl Biotechnology Co. Ltd. to create a fully-integrated targeted oncology platform that will address unmet patient needs globally.
The strategic investment will also support the accelerated development of Avistone’s existing drug candidates, expand its product pipeline through both research and development efforts and business development, enable the combined business to capitalize on opportunities in key markets outside of China, and scale its capabilities to prepare for commercialization.
Based in Beijing, China, Avistone has been committed to the development of precision oncology therapeutics for nearly a decade and has a broad oncology pipeline focused on treatments for lung cancer. The Company’s most advanced asset is a c-Met inhibitor in late-stage clinical development for genetically-defined populations of non-small cell lung cancer (NSCLC) and glioblastoma (GBM). This product candidate has been awarded Breakthrough Therapy designation by China’s National Medical Products Administration (NMPA). In addition, Avistone has an innovative pipeline of tyrosine kinase inhibitors for other molecular drivers of cancer that includes another drug candidate currently in a Phase I dose escalation clinical study. The Company also has several therapeutic compound candidates in pre-clinical and IND-enabling studies.
“Avistone is a science-driven, innovative biotechnology company committed to the discovery and clinical development of first-in-class and best-in-class drugs,” said Dr. Hepeng Shi, Chairman, CEO, and Founder of Avistone. “We are thrilled for our company, team, and product pipeline to be recognized by such well-established global life sciences investors as Vivo Capital, Bain Capital, and Primavera Capital. We look forward to leveraging their resources and capabilities to realize our vision to become a global oncology leader that provides more effective treatment options and improves quality of life for patients around the world.”
“Vivo Capital is excited to have the opportunity to lead this transformative financing for Avistone. The deal exemplifies Vivo’s investment capabilities in both innovation and private equity transactions in China, as well as extraordinary collaborations both internally, led by Drs. Hongbo Lu and David Liu, and externally, joined by Bain Capital and Primavera Capital.” said Shan Fu, Managing Partner and CEO of Greater China for Vivo Capital. “As a global biotech investor with 25 years of history, Vivo is excited to witness the rapid emergence of the Chinese biotech industry. We have known the Avistone team for many years, and we see tremendous value in Avistone’s capabilities in both innovative drug R&D and execution in China. We look forward to partnering with Bain Capital and Primavera Capital to help Avistone bring life-saving therapeutics to patients around the world,” added Dr. Hongbo Lu, Managing Partner and CIO of Greater China for Vivo Capital.
“Over the past several years, Bain Capital Life Sciences and Bain Capital Asia Private Equity have systematically studied the life sciences landscape in China to identify the most attractive therapeutic areas and the most promising companies, and this exciting investment represents a culmination of our cross-platform efforts,” said Ricky Sun, a Managing Director at Bain Capital Life Sciences. “We are excited to collaborate with Dr. Shi and his team, and to provide the necessary resources to enable the Company to build a best-in-class targeted oncology platform that brings transformative products to patients all over the world.”
“The era of precise and personalized cancer treatment has arrived after years of development. However, there are still considerable clinical needs that have not been met,” said Jiaqi Zheng, Managing Director of Primavera Capital. “As pioneers in the China pharmaceutical industry, Dr. Shi and his team have accumulated a great deal of expertise in drug discovery and clinical development of targeted therapies. We are delighted to become an investor and strategic partner of Avistone and are committed to supporting the Company’s mission of becoming a leading global biopharmaceutical platform of innovative precision therapeutics.”
