As part of Series B financing, the firm has already raised about $25m from pharmaceutical major Eli Lilly and global financial services firm Fidelity.
With plans underway to aggressively look for in-licensing and co-development partners, Innovent has begun expanding its pipeline that includes a CD20 antibody for Non-Hodgkins Lymphoma (NHL) and other B cell mediated diseases.
A bispecific antibody for cancer and an antibody for oncology also form part of the pipeline under expansion.
Innovent Biologics co-founder, president and CEO Dr. Said Michael Yu said, "We are fortunate to have world’s premier investors believing in our team and business. Biologics are going to be a huge category in China just as they are worldwide, which presents a unique, once in a lifetime opportunity."
In addition to the expansion, the firm is constructing a 90,000m² biopharmaceutical facility for the production of clinical trial material, which will house various laboratories and offices.
A commercial production plant with several 12,000 L bioreactors and a pilot plant accommodating two 1000L bioreactors, for production of clinical materials will be part of the new facility.
Upon completion, the facility is expected to be China’s largest biologics plant complying with cGMP standards defined by the European EMA, the US FDA and China SFDA.
Eli Lilly has invested the amount through its division Lilly Asia Ventures, while the Innovent’s Series A investor Fidelity provided support through Fidelity Biosciences and Fidelity Growth Partners Asia division.