China’s leading therapeutic antibody R&D company, SinoMab Bioscience Limited (“SinoMab”) just completed a Pre-IPO round of financing, securing some hundreds of millions in RMB. This round of investment was co-led by Zhongjin Zhide Equity Investment Management (an investment arm of China International Capital Corporation Limited) and Apricot Capital. SinoMab also announced that it will begin work on its IPO.
CEC Capital served as the sole financial adviser to SinoMab during this round of financing.
SinoMab is a clinical-stage biopharmaceutical company that creates and develops therapeutic antibodies for the treatment of life-threatening and other debilitating diseases. SinoMab was established in 2001 by Dr. Shawn Leung. Dr. Leung previously served as a visiting professor at the Chinese University of Hong Kong and the Hong Kong University of Science and Technology. He has served as the President at the Hong Kong Institute of Biotechnology and a Consultant at the Biotechnology Consulting Group at the Hong Kong Stock Exchange. Dr. Leung was the first scientist in the world to propose the concept of “functionally humanized drugs” and the first scientist in the world to successfully develop a humanized anti-CD22 monoclonal antibody. In 2018, he was appointed by the Hong Kong Stock Exchange as a Consultant to the first Consultant Team of the Biotechnology Advisory Group. Dr. Leung has more than 20 years of experience in the development and industrialization of the production of monoclonal antibodies. After, 10 years of development, SinoMab has established a novel pharmaceutical production platform with anti-CD22 monoclonal antibody treatments as one of its core products. SinoMab has completed clinical testing for several of its first-in-class monoclonal antibodies for autoimmune diseases (i.e. rheumatoid arthritis, systemic lupus erythematosus, etc.) and cancers/tumors (i.e. non-Hodgkin’s lymphoma, etc.). The speed of R&D at SinoMab is faster than industry competitors. SinoMab’s core products are already in stage three of clinical trials in renowned hospitals in China. They have received support through China’s National 863 Program and other important programs. Currently, SinoMab has research centers and production bases in the Chinese cities of Shenzhen, Haikou, and Suzhou.
As Dr. Shawn Leung, SinoMab’s Founder, explained, “SinoMab is based in China but dedicated to contributing to the advancement of the global medical industry through the development of innovative monoclonal antibodies that can treat and cure refractory diseases—or diseases that are hard to cure. Thanks to CICC Capital and Apricot Capital, SinoMab will continue to innovate, enrich product pipelines, accelerate global clinical processes, and contribute to the improved health of patients with autoimmune diseases and refractory diseases in China and around the world.”
Senlin Liu, Head of Zhongjin Zhide’s Medical Investment Team, commented, “We have recently been most interested in companies that have product portfolios with proven clinical value. Thus, we are very happy to have this opportunity to work with SinoMab—a leader in China’s industry for innovative biopharmaceuticals for autoimmune diseases, a company with sizeable room for growth, and a company with an impressive product portfolio. We value the industry experience and advanced technologies of the SinoMab team. We are looking forward to the contributions that SinoMab will make to the efficacy and safety of the pharmaceutical industry. With access to top-quality resources, CICC will do its best to support the development of SinoMab!”
When asked about this financing project, Wenyi Liu, Founding Partner of Apricot Capital, remarked, “So as to fulfill our role as ‘Top Entrepreneur Partner’, Apricot Capital will continue to invest and support the development of SinoMab. The innovation, clinical testing, and antibody production capabilities of SinoMab are outstanding. We observed that the third-stage clinical testing went smoothly, the product pipeline R&D is solid, and the construction of the pharmaceutical production base is progressing. Thus, Apricot Capital is confident that SinoMab will become China’s leading platform for innovative antibody R&D and production. Apricot Capital is happy to make follow-up investments to support the entrepreneurial success of SinoMab.
When asked about this financing project, Ms. Irene Hong, Partner of CEC Capital, commented, “SinoMab is a definitive leader in Hong Kong’s innovative pharmaceutical industry. The achievements of SinoMab reflect the achievements of the industry at large. SinoMab is also one of the few companies in the Greater China region to have first-in-class biopharmaceuticals. The core products of SinoMab, such as the anti-CD22 antibody treatments, position it at the forefront of global pharmaceutical development. As China’s government increases the strictness of its regulations on generic drugs and supplementary drugs, the companies with truly innovative products and capabilities are most likely to rise to the top. That said, we are confident that SinoMab will become a leader in China’s industry for innovative biopharmaceuticals.”
About China International Capital Corporation Limited
China International Capital Corporation Private Equity (CICC PE) is a wholly-owned private equity investment management subsidiary of China International Capital Corporation (CICC) Limited. As the sole private equity investment fund platform for CICC, CICC PE is responsible for private equity investments in China and abroad. CICC PE is also responsible for the development of private investment strategies, business development, resource allocation, and risk control. CICC PE manages about RMB 300 billion in assets. It has a professional investment management team consisting of more than 200 personnel. CICC PE (including its subsidiary funds, such as Zhongjin Qiyuan, Zhongjin Jiacheng, Zhongjin Zhide, Overseas Fund, and Zhongjin Jiazi) is one of the top private equity investment fund management platforms in China.
About Apricot Capital
Founded in 2015, Apricot Capital employs more than 20 professionals and consultants specializing in the healthcare industry with backgrounds in biology, medicine, finance, and law. At present, Apricot Capital’s total assets under management exceed RMB 2 billion. Since its founding, Apricot Capital has focused on investing in outstanding companies in the healthcare industry that are growing or were recently established. Investment projects include players in the biopharmaceutical, biotech, medical device, medical service, and medical diagnostic industries. Apricot Capital has always been committed to promoting the innovation and growth of Chinese enterprises and promoting the progress and development of society and the economy. With its rich experience, global resource network, and impressive reputation, the Apricot Capital team is dedicated to helping entrepreneurs realize their entrepreneurial dreams.
About CEC Capital
CEC Capital is a leading investment bank that operates at the forefront of China’s new economy. Since its founding nearly 20 years ago, CEC Capital has been focused on the TMT, consumer product, and healthcare industries. CEC Capital has two business segments: investment banking and asset management. In the investment banking sector, CEC Capital’s core businesses include private equity financing and M&A advisory services. In the past three years, CEC Capital has completed hundreds of projects with a cumulative value of more than RMB 100 billion. CEC Capital manages a USD fund and an RMB fund, with a combined AUM of RMB 3 billion. CEC Capital has branches in Beijing, Shanghai, Los Angeles, and San Francisco. The company also employs personnel with General Securities Principal and FINRA/SIPC credentials. The CEC Capital medical and health team have previously worked in R&D, at funds, at medical institutions, and at various enterprises. The team’s diversity of experience supports their insightful understanding of market trends.