Hillhouse, CITIC PE Participate In $75M Round For BeiGene

Beijing-based Chinese oncology research and development firm BeiGene (Beijing), Co., Ltd. has completed a new round of financing worth RMB450 million (US$75 million), according to a company announcement.

The round includes initial angel and strategic investors, as well as new investors Hillhouse Capital and CITIC Private Equity (CITIC PE), the private equity arm of CITIC Capital Partners.

There is also an undisclosed investor, which is a blue chip U.S. public investment fund specializing in life sciences, says the statement.

"We currently have three oncology candidates in Phase 1 clinical testing with global best-in-class potential," says John V. Oyler, CEO of BeiGene.

"The proceeds from the financing will allow us to move forward in our clinical development as we prepare for multiple upcoming data readouts, and we also expect to bring 2 to 3 new drug candidates into the clinic during 2015 while investing in additional early-stage pipeline programs," he adds.

"With its significant geographical advantages, novel translational research platform and first-class biology, BeiGene is truly a unique and unparalleled investment opportunity within the rapidly-growing life sciences sector," says Michael Yi, partner at Hillhouse Capital.

BeiGene focuses on discovering, developing and commercializing targeted and immune-oncology therapeutics through a translational research platform.

Founded in 2005 by Yale University graduate Lei Zhang, Hillhouse Capital is an Asia-based investment firm currently managing US$16 billion.

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