Release time:2019-01-7 Browse:5465

BrightGene Bio-Medical Technology Co. Ltd. (Suzhou, China) raised RMB550 million ($80.3 million) in a venture round. The company described the funding as a "pre-IPO round," but did not immediately respond to an inquiry about its plans for a listing.

Sequoia Capital China and HighLight Capital led the round, with additional participation by GF Qianhe.

BrightGene’s pipeline includes oral glucagon-like peptide-1 receptor (GLP1R) agonist peptides for Type II diabetes, immuno-oncology agents, antibody-drug conjugates for solid tumors and other tumor-targeting drug conjugates for brain cancer. The company also manufactures APIs and finished dosage forms of specialty generic drugs.

In addition to R&D spending, BrightGene intends to increase the capacity of its raw materials plant and construct a production plant for complex injections. BrightGene expects the manufacture of complex injections for the global market to be a main source of future profits.