Sequoia China leads $150m series B round for Chinese biotech firm Visen

Visen Pharmaceuticals, a Chinese biotech company focused on developing and commercializing endocrine drugs, announced that it has secured US$150 million in a series B round led by Sequoia Capital China.

The latest investment also saw participation from healthcare-focused investment firm OrbiMed, Sherpa Healthcare Partners, Cormorant Asset Management, HBM Healthcare Investments, Pivotal bioVenture Partners China, Logos Capital, and CDG Capital.

Existing investors including Ascendis Pharma A/S, Vivo Capital, and Sofinnova Investments also joined in the round.

Photo credit: Visen Pharmaceuticals

Visen was formed in 2018 by Nasdaq-listed biotech company Ascendis Pharma A/S and an investor syndicate led by Vivo Capital.

It is committed to developing treatment for diseases related to the endocrine glands through the introduction of different methods and drugs into the Chinese market. It’s focused on developing and commercializing endocrinology therapies in mainland China, Hong Kong, Macau, and Taiwan.

“Endocrinology is a large therapeutic area with significant unaddressed medical needs in Greater China, and there is a gap in treatment standard in comparison with the US and EU,” said Pony Lu, CEO and board member of Visen Pharmaceuticals.

The biotech firm currently has three endocrinology drug candidates in the pipeline: TransCon hGH, TransCon PTH, and TransCon CNP.

With the new funds, the Shanghai-based company will accelerate the clinical development, manufacturing, and commercialization of the three products, as well as enrich its pipeline through international partnerships.

In China, the pharmaceutical market is expected to reach US$209 billion by 2022, increasing from US$132 billion in 2018.