Primavera Invests in Innovative Drug Company Avistone | Primavera Headlines

Author:Primavera CapitalRelease time:2021-12-09

  On December 9, 2021, Beijing Avistone Pharmaceuticals Biotechnology Co., Ltd ("Avistone"), a company focusing on the research of targeted drug for precision treatment announced closure of Series A funding, raising over $200 million from Primavera, Vivo Capital and Bain Capital.

  At the same time, Avistone acquired Beijing Purun'ao Biotechnology Co., Ltd ("Purun'ao"), another company focusing on clinical trials, thus creating a research platform for various next-generation precision therapy target drugs.

  Avistone is dedicated to the research of anti-tumor drugs and possesses numerous drug research pipelines covering lung cancer and glioma, among others.

  One of the company's candidate drugs targeted at c-Met is already at late-stage clinical development. Earlier in this year, the company received certification awarded by National Medical Products Administration for breakthrough therapy for the drug. Avistone's product pipelines include an innovative class I drug candidate currently under Phase I clinical trial, and several self-developed compound candidates currently under pre-clinical and IND stage.

  Zheng Jiaqi, Managing Director of Primavera, said: "Having been under development over a long time, tumor treatment has ushered in an era of precision-treatment and individualized-treatment. That said, there is significant clinical trial demand that remains unfulfilled. Dr. Shi and his team have leveraged on their considerable experience in the pharmaceutical industry to devote their efforts to the development of targeted drugs. Avistone's drug candidate for c-Met looks set to be 'best-in-class' drug for that field. We are also very impressed with the company's potential to achieve 'first-in-class' drug pipeline."

  "Primavera is pleased to be a shareholder of Avistone. We will spare no effort in supporting the company as it grows from strength to strength and become a platform for precision treatment of tumors and biotechnology, for the benefit of patients globally."

  Dr. Shi Hepeng, Founder and Chairman of Avistonesaid: "As an innovative biotechnology company, Avistone possesses the experience and ability to conduct drug discovery and achieve "first-in-class" and "best-in-class" clinical studies. We are extremely pleased to note that our product pipeline and our team's capability have been recognized by international funds like Vivo Capital, Bain Capital and PrimaVera. We will work closely with our investors as we strive to become an international biotechnology company, providing breakthrough therapy for patients."

  Fu Shan, Vivo Capital Managing Partner and Co-CEO-cum-CEO Greater China, said: "Vivo Capital has been keeping a keen eye on Avistone. Following years of unrelenting effort, we have reached a consensus with the management on the prospect of Avistone. It is an outstanding company with an indisputable vision. I would like to thank Dr. Shi and the company's management, and I look forward to work with the company towards healthy growth."

  Lu Hongbo, Vivo Capital Managing Partner and Chief Investment Officer in Greater Chinasaid: "Avistone's innovative product lineup, as well as the dedicated, resilient attitude and spirit of Dr. Shi and his team in new drug development are all key factors in our investment decision. Vivo Capital has spared no effort in helping Chinese pharmaceutical companies to achieve international standards. We firmly believe that innovation in China will soon benefit patients throughout the world. We are very grateful to Bain and PrimaVera for joining us in helping Avistone as the company embarks on a new stage in their growth history."

  Jonathan Zhu Jia, Managing Director of Bain Capital Private Equity (Asia), said: "We believe that in the future, the biopharmaceutical industry in China will be driven by true differentiation and innovation. Matching of cross-border resources will be one of the main means of seizing this opportunity." Through this investment, we hope to provide Avistone with our experience and resources in life sciences. Together with the other investors, our team hopes to build Avistone into a targeted drug innovation platform that is based in China to serve the world.

  Ricky Sun, Managing Director of Bain Capital Life Sciences, added: "The past three years have seen the close tie between Bain Capital Life Sciences and Bain Capital Private Equity (Asia). We carried out systematic study of life sciences in China to identify companies in the field of therapy with the best potential. Our investment in Avistone is the result of such an effort. Avistone's clinical pipeline, internally-generated research and development, not to mention a team led by Dr. Shi with in-depth understanding of research of tumor drugs, are what set it apart from others."

  The current round of funding will help Avistone in its acquisition of Purun'ao, as well as enable it quickens its pace with respect to candidate drugs, expansion of product line and support for the company's clinical development and commercialization, thus providing more effective, safe treatment options for patients in China and beyond.