JHL Biotech has closed a Series B financing round of USD35 million, led by new investors Milestone Capital and a consortium of Taiwan venture capitalists and individuals.
The consortium includes President International Development Corp, Fubon Financial Holdings, Taishin Financial Holdings, TaiAn Technologies, Hotung Group, Dr Allen Chao (founder of Watson Pharmaceuticals), and existing Series A shareholders China Development Industrial Bank, Biomark Capital, and Kleiner Perkins Caufield & Byers.
JHL will deploy the new funds toward developing its proprietary biosimilar monoclonal antibody pipeline and accelerating its filing of investigational new drug applications, whilst supporting the ongoing facility expansion in Taiwan and acquiring additional equipment for its commercial manufacturing facility in Wuhan, China, which is expected to be completed by 2014 year-end.
"Our investors recognise the hard work and progress we have made towards our mission of bringing affordable, quality medicines to Asia through our cross-strait presence in Taiwan and China," says Racho Jordanov, president and CEO of JHL Biotech. "We are proud to be backed by these top-tier investors, both original and new, and look forward to continuing our work together to develop, manufacture, and commercialize world-class medicines."
