Funds will be used to progress existing products into Phase II trials. Credit: freestocks on Unsplash.

Chinese biotech company InventisBio has secured $147m in a Series D funding round led by Hillhouse affiliate GL Ventures.

Other investors include Qiming Venture Partners, Janchor, AIHC Capital, Matrix Partner China, Dyee Capital and E Fund Capital.

The company’s present shareholders, such as Lilly Asia Venture, OrbiMed Asia, Pudong Innotek, AdvanTech Capital and CMB International also took part.

InventisBio, which develops small molecule drugs, currently has three candidates in the mid to late-stage clinical development. One of its new products progressed to a Phase I clinical trial.

The company will use the latest funds to advance existing products into Phase II trials in China and the US, including D-0502 trials in hormone receptor-positive breast cancer and D-0120 trials in gout.

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D-0502 is a selective estrogen receptor degrader (SERD) that also exhibits estrogen receptor antagonist activity.

Furthermore, the company will leverage the funds for InventisBio’s global clinical development of additional new drugs and for boosting its product pipeline and team.

InventisBio chairman and CEO Dr Yaolin Wang said: “InventisBio is committed to developing first- and best-in-class innovative drugs for cancer and other major diseases.

“This investment demonstrated the recognition of our strong pipeline and fully integrated innovative R&D platform by top healthcare investors.”

InventisBio developed a third-generation EGFR-T790M tyrosine kinase inhibitor, BPI-D0316, which is in registration trials for first and second-line therapy of EGFR-mutated non-small cell lung cancer.

Betta Pharma holds the rights to BPI-D0316’s rights in China.

Hillhouse Capital co-chief investment officer Michael Yi said: “With four drug candidates in various clinical stages and two clinical registration trials ongoing, InventisBio has established its pipeline in two major therapeutic areas of oncology and metabolic diseases.

“In addition, the company has maintained a leading position in the drug development of similar products in China.”

China Renaissance served as the financial advisor for this deal.