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Boan Biotech Completed a New Round of Financing, Accelerating Global Development of Its Biopharmaceutical Business
Nov 4, 2021
September,2021,Boan Biotech , Luye Pharma Group’s subsidiary, completed a new round of financing, entering into investment subscription agreements with Shandong New Kinetic Energy, GTJA Huike and Yunnan Felix, bringing total funds raised to RMB 210 million. In January this year, Boan Biotech completed the previous round of financing, bringing total funds raised to RMB 877 million.

The capital raised in this round will help accelerate the clinical development of multiple innovative biologics and biosimilars in Boan Biotech’s pipeline, as well as facilitate the subsequent global commercialization of these products.

Boan Biotech is a fully integrated biopharmaceutical company and a subsidiary of Luye Pharma Group. It specializes in therapeutic antibody development, manufacturing and commercialization, with a focus on oncology, immunology, pain management and endocrine diseases. Boan Biotech’s antibody discovery work is based on three technology platforms: a Human Antibody Transgenic Mouse and Phage Display Technology Platform, a Bispecific T-cell Engager Technology Platform, and an ADC Technology Platform. The company has already developed more than 10 innovative antibody product candidates and 8 biosimilar product candidates. In addition, the company is exploring frontier technologies including CAR-T therapy.

Boan Biotech has achieved multiple breakthroughs this year with its product pipeline. Its first biosimilar, Boyounuo (Bevacizumab Injection), was launched in China and successively approved for treating non-small-cell lung cancer, colorectal cancer, glioblastoma and hepatocellular carcinoma. The company has signed an agreement with AstraZeneca regarding the drug’s commercialization rights in county markets across 21 provinces, municipalities and autonomous regions in China. LY06006, a biosimilar to Prolia®, completed final dosing of all subjects as part of phase III clinical trials in China and has been approved for clinical studies in Europe and the US. LY01011, a biosimilar to Xgeva®, is undergoing phase III clinical trials in China and has been approved for clinical studies in Europe and the US. LY09004, a biosimilar to Eylea®, is undergoing phase III clinical trials in China. LY01015, a biosimilar to Opdivo®, has been approved for clinical studies in China.

Jiang Hua, CEO of Boan Biotech, said, “We want to thank our investors for their confidence in our value and future potential. We believe the capital injection will help accelerate our global strategy for biologics, expedite the clinical development of multiple pipeline biosimilars and innovative biologics in the United States, Europe, China and other global markets, and bolster our efforts in exploring innovative technologies. We strive to become a leading biopharmaceutical innovator in China with global footprint, bring quality innovative therapeutic solutions to patients in China and around the world as quickly as possible, and continuously create value for our investors.”

About Shandong New Kinetic Energy
Shandong New Kinetic Energy was established in 2018 and has a registered capital of RMB20 billion. Its business includes fund investment and management. Shandong New Kinetic Energy is a whollyowned subsidiary of Shandong Finance Investment Group Co., Ltd.

About GTJA Huike
GTJA Huike is registered in Beijing and its general partner is Beijing GTJA Investment Management Co., Ltd., which is wholly owned by Shenzhen GTJA Investment Group Co., Ltd. Founded in 2001, Shenzhen GTJA Investment Group focuses on investment in medical and health industry. At present, it has established operation centers in Shenzhen, Shanghai, Beijing, Nanjing, Hong Kong and other places, and is committed to investing in first-class medical and health enterprises around the world. The investment cases include more than 80 first-class medical and health enterprises such as Mindray, Boya Bio, VIVA, Akesobio, Henlius, Harbour BioMed, Sansure Bio, Liferiver Bio, Hotgen Bio and Rightongene.

About Yunnan Felix
Yunnan Felix is a RMB private equity fund with a focus on investing in growth-stage enterprises with cutting-edge technological innovation and innovative models, with an emphasis on investment in strategic industries along the coastal areas and in the southwestern regions of China. Yunnan Felix has invested in projects in high-tech fields such as biomedicine, information technology, new energy and new materials.