Ascletis, a U.S.-China specialty life sciences venture focused on cancer and infectious disease therapeutics will form and complete a Series A private equity financing. Ascletis has raised $100 million in committed financing. The investors, led by Hangzhou Binjiang Investment Holding, included private entrepreneurs from China and other countries including the U.S., according to Fierce Biotech.
Ascletis will conduct operations in Hangzhou, China and the Research Triangle Park area of North Carolina. Ascletis is led by co-founder, president and CEO, Jinzi J. Wu, Ph.D., who was previously vice president, Global HIV Drug Discovery at GlaxoSmithKline.
"We are very pleased to complete this significant investment that provides a strong financial base and committed long-term support from a group of experienced private investors," said Wu. "We believe that the formation and funding of Ascletis represents the first large-scale investment by Chinese entrepreneurs in U.S. pharmaceutical/biotech innovation."
"Ascletis has assembled an experienced U.S.-based management team with proven ability in the discovery and development of high value therapeutics for global medical needs, who can effectively leverage China's highly trained workforce and cost-efficiencies for the company's discovery and development efforts," said Jinxing Qi, MBA, lead investor and Ascletis' co-founder at Hangzhou Binjiang Investment Holding.