Vivo Capital, Bain Capital, and Primavera Capital have pooled their Resources to invest more than $200 million in lung cancer firm Avistone Pharmaceuticals as it seeks to merge with Pearl Biotechnology. The VCs say the money will go toward unifying the two companies and producing a “fully-integrated targeted cancer platform that will address unmet patient needs internationally,” but no more details are available. We do know that the company’s initial focus is on lung cancer, which is a particularly common form of the disease in China.
Its lead drug is a c-Met inhibitor in late-stage clinical development for genetically defined populations of non-small cell lung cancer as well as glioblastoma, an aggressive form of brain cancer. The funds will also be used to accelerate work on Avistone’s existing drug candidates, increase the company’s product pipeline through R&D and commercial development, assist the newly combined company in expanding into major markets outside of China, and scale up ahead of future approvals.
“We are ecstatic that our firm, staff, and product pipeline have been recognised by Vivo Capital, Bain Capital, and Primavera Capital, three well-known worldwide life sciences investors. We look forward to leveraging their Resources and talents to help us achieve our goal of becoming a worldwide oncology leader that enhances patient quality of life by providing more effective treatment alternatives,” said Avistone founder.