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Matrix, LAV co-lead $62m round in Chinese biotech firm NovoCodex

2021-03-31


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NovoCodex Biopharmaceuticals, a subsidiary of Shanghai-listed pharmaceutical major Zhejiang Medicine, has raised 400 million yuan ($62 million) in its Series A round to expedite the development of antibody-drug conjugate (ADC).

The round has been co-led by Matrix Partners China and Lilly Asia Ventures (LAV), with the participation of Hangzhou Sanhua Hongdao Investment and CMG-SDIC Capital, a 10 billion yuan ($1.5 billion)-fund jointly launched by state-backed State Development & Investment and China Merchants Capital in January 2020, the investee said in a statement.

The corpus raised will help NovoCodex speed up its clinical trials and commercialize products, work on products in pipeline, and spruce up technology.

Set up in 2017, NovoCodex has been engaged in the business of genetic engineering, and cell culture, among others.

NovoCodex has forged partnerships in and out of China. In 2013, it had collaborated with US-based clinical-stage biopharmaceutical company Ambrx to treat breast and stomach cancers.

More recently, in 2019, NovoCodex once again entered into an agreement with Ambrx to ramp up the treatment of tumours such as renal cell carcinoma and multiple myeloma.

Additionally, NovoCodex had also inked an agreement in October 2019 with leading contract research organization (CRO) Wuxi Biologics.

 

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