Everest Medicines, a biopharmaceutical startup company, has recently announced that it has closed a USD 310 million Series C financing round.
For the record, Everest Medicines, is focused on developing and commercializing pharmaceutical drugs to address unmet needs for medical conditions in Greater China and other Asian countries. The firm will reportedly utilize the proceeds from the financing for ongoing clinical development as well as preparations for potential commercialization.
The recent Series C financing comprises of 2 preferred equity financing tranches, a USD 50 million Series C-1 and a USD 260 million Series C-2. The Series C-1 comprised of a USD 50 million investment from Jiashan SDIC. The Series C-2 was led by Janchor Partners and co-led by Hillhouse Capital and RA Capital Management with additional support from new investors, including GT Fund, Decheng Capital, Janus Henderson Investors, Octagon Investments and Rock Springs Capital. Existing investors including Cormorant, CBC Group, HBM Healthcare Investments and Pavilion Capital also participated.
John Ho, Chief Industrialist Investor and Founder of Janchor Partners was stated that Everest Medicines has made an exceptional progress through strategic partnerships with established industry leaders and is incredibly focused upon building and developing its promising therapeutics pipeline.
Ho added that the company is elated to partner with Everest to support its mission to offer innovative and effective therapies to patients suffering with life-threatening diseases in China and other Asian countries.
Wei Fu, Chief Executive Officer of CBC Group and Chairman of Everest Medicines reportedly said that it is commendable what Everest has achieved in such a time span since its inception in 2017. Fu noted that the strong network of investors validates the company’s early achievements, as well as their confidence in the firm’s potential to grow into a leading innovative drug platform company in the region.
Source credit: https://www.globenewswire.com/news-release/2020/06/05/2044078/0/en/Everest-Medicines-Completes-US-310-Million-Series-C-Financing.html#:~:text=SHANGHAI%2C%20China%2C%20June%2004%2C,announced%20that%20it%20has%20successfully