SHANGHAI--(BUSINESS WIRE)--EOC Pharma Group (EOC), a leading oncology-focused development and commercialization company in China, today announced that it has completed a $32 million Series B financing led by Taikang Investment through Shandong State-owned Taikang Industry Development Fund (Taikang). Sequoia China, EOC’s Series A lead investor, and H&Q Asia Pacific, also participated in the round.
EOC is dedicated to rapidly developing and commercializing innovative global oncology products in China. The funds will be used to advance the development of EOC’s mid- and late-stage clinical pipeline, and to in-license additional late-stage oncology assets to bring new treatment options to patients in China.
“Investment from these top funds underscores the confidence in our strategy to advance differentiated, globally developed oncology products that can transform patients’ lives,” commented Dr. Xiaoming Zou, EOC Pharma’s Founder and CEO. “Our team’s unique track record for strategic partnering and commercialization in China, along with our dedicated manufacturing and local development capabilities, position EOC to successfully leverage the improved clinical and regulatory environment and rapidly growing healthcare market in China.”
EOC Pharma has licensed clinical-stage, potentially transformative product candidates from leading global pharmaceutical and biotech companies. The Company currently has a broad portfolio of drug candidates, including two innovative small molecule products expected to enter Phase 3 registration studies in China in 2018 for the treatment of breast cancer and gastric cancer, respectively. Its pipeline also includes innovative biologics being developed for indications in immuno-oncology and tumor metastasis.
Taikang committed its financial resources to EOC to support the further development of its powerful platform designed to bring globally developed innovative drugs to patients in China who currently have limited treatment options.
EOC is a fast-growing, Shanghai-based biopharmaceutical company that is focused on the in-licensing of innovative global oncology products, and developing, manufacturing and commercializing them for the China market. The Company is building a fully integrated manufacturing, development and commercialization platform, and has a pipeline of six novel products from global biopharmaceutical partners that are potentially first- and best-in-class. EOC is a spin-off of the oncology division of Eddingpharm, a leading specialty pharmaceutical company in China that is dedicated to in-licensing, marketing and commercializing branded drugs from global pharmaceutical companies.
About Shandong State-owned Taikang Industry Development Fund
Shandong State-owned Taikang Industry Development Fund is the first private equity fund raised and managed by Taikang Investment and its partner Juneng Capital. The fund size is RMB 5 billion, and focused on healthcare, consumer industry and SOE reform investment. Taikang Investment is the PE platform of Taikang Asset Management. With over RMB 1,100 billion AUM, Taikang Asset Management is one of the largest institutional investors in China.