A Delaware County biopharmaceutical company announced its launch Wednesday, backed by Series A financing that could bring in up to $150 million.
ArriVent Biopharma of Newtown Square received $90 million upfront from a private stock sale led by Hillhouse Capital Group. Other investors included Lilly Asia Ventures, OrbiMed, Octagon Capital Advisors, Boyu/Zoo Capital and Lyra Capital. The remaining $60 million is contingent upon ArriVent hitting product development milestones.
The company also said it has entered into its first licensing agreement, with Shanghai-based Allist Pharma, that gives ArriVent development, manufacturing and commercialization rights outside of China to furmonertinib. The medicine has received regulatory approval in China as a treatment for patients with locally advanced or metastatic non-small-cell lung cancer who have a certain genetic mutation.
“We are launching our company with a strong, expanding team that has in-depth scientific and clinical development expertise as well as substantial capital from leading health care investors," said Bing Yao, chairman, co-founder and CEO of ArriVent, in a statement. “Our strategy focuses on identifying compounds, such as furmonertinib, that have been validated through rigorous discovery and development processes in China and other emerging biotech hubs to help bridge these global biopharma innovations to the United States, European Union and beyond."
Yao was previously chairman and CEO of Viela Bio, a Gaithersburg, Maryland, spinoff of drug giant AstraZeneca. Viela was acquired by Horizon Therapeutics in March in a $3 billion deal. Yao stepped down from both posts in April.
Yao did not return calls seeking addition comment on the financing.
ArriVent intends to file an investigational new drug application with the Food and Drug Administration to further develop furmonertinib for non-small-cell lung cancer, and potentially other solid tumors, by the end of the year.
