By Sara Gilgore – Staff Reporter, Washington Business Journal
Ascentage Pharma, a global biopharmaceutical company with a local hub in Maryland, has raised $150 million in Series C financing.
Existing investors Beijing YuanMing Prudence Fund and Oriza Seed Venture Capital led the round, along with new investor Teng Yue Partners. ArrowMark Partners, HDY International Investment, CTS Capital and CCB International also participated in the raise, according to a July 17 release.
The company’s total funding since its 2009 founding comes to $240 million.
Ascentage — a clinical-stage company with a U.S. headquarters in Rockville and China headquarters in Suzhou — will use the capital to support its pipeline of novel small molecule therapies for cancers, build out facilities for manufacturing as well as research and development. It also plans to grow its 240-person staff to 300 employees by the end of the year, according to a company spokeswoman.
It is not yet clear what this could mean for Ascentage’s Rockville site, which is used for manufacturing, research and development. It is its only office in the U.S. and one of eight across the company, with six in China and one in Australia.