EOC Pharma (亿腾景昂) officially announced its completion of Series C financing round worth approximately CNY 500 million (equivalent to USD 71.1 million), on December 2. This funding round is led by TF Capital (泰福资本), Yingke PE (盈科资本) and Tigermed (泰格医药). Three other VC, Everest (朗玛峰创投), Life Venture (生命资本) and Hanne Capital (翰颐资本) also participated in the latest round of funding.
The new round of financing round will be used primarily for boost clinical development of existing pipeline products
Founded in 2015, EOC Pharma is a biopharmaceutical company that is involved in variety of services, among which are manufacturing, development, commercialization of oncology products and pharmaceutical-related technical consultancy. The Shanghai-based company’s core strategy is developing innovative anti-tumor drugs that are well suited to the Chinese market, mainly for breast and gastric cancers.
Over the years, EOC Pharma has established a strategic partnership with internationally renowned pharmaceutical companies such as Eli Lilly, Syndax and Immutep, stimulate the development and clinical research of novel drugs in China.
The Sequoia Capital-backed company is building a platform primarily for Chinese market, which integrates development, production and promotion of overseas clinical-stage tumor products, in order to accelerate the discovery of effective drugs for Chinese patients.
The company currently has a pipeline of six products in collaboration with its partners that are potentially rated as best-in-class or first-in-class.
During the financing event, General Manager of Yingke PE Biopharmaceutical Business Unit, Qin Biao, had expressed his satisfaction in its recent investment in EOC Pharma.
“I am honored to have the opportunity to participate in this round of investment of EOC Pharma. With Dr. Zou’s (CEO of EOC Pharma) comprehensive understanding and forward-thinking of China’s pharmaceutical market, extensive project experience, and in-depth management development, made me think that EOC Pharma has a promising future,” states Qin Biao.
We have seen a rise in competition for oncology pharmaceutical companies in China. Clover Biopharmaceuticals (三叶草生物制药), which recently completed Series B worth CNY 304 million in November, is seeking to provide more affordable alternatives for patients suffering from cancers. Shanghai-based Hutchison Medi Pharma is another strong contender aiming to be leader in treating oncology diseases.
Globally, Turning Point Therapeutics which started to be listed on NASDAQ earlier this year, produces revolutionary cancer drugs such as Xalkori, which became one of Pfizer’s top-selling drugs. BioNTech, a German-based company, pioneers individualized cancer medicine.
China’s oncology treatment market reached USD 36 billion in 2015. Specifically, medication treatment accounts for 60% of it, or equivalent to USD 21.6 billion.