Boan Biotech Receives 682 Million RMB in Strategic Investments, Accelerating Global Development of Its Biopharmaceutical Business

Luye Pharma Group announced the conclusion of a round of strategic financing for its subsidiary, Shandong Boan Biotechnology Co., Ltd. (Boan Biotech), bringing cumulative financing to RMB 682 million. The financing is based on Boan Biotech’s pre-money valuation of approximately RMB 4.85 billion, with the participation of reputable Chinese and international investors including YuanBio Venture, Advantech Capital, Qianhai Ark, BVCF, BOCG, Brill Capital, and others.
 

The capital raised will help Boan Biotech accelerate the clinical development of its varied innovative antibody and biosimilar products, enhancing competitive strengths and facilitating rapid, stable growth. The joining of strategic investors will give Boan Biotech a boost in its efforts to be an industry leader, and the early realization of its goal of becoming “a leading biopharmaceutical innovator in China with a global footprint”.
 

A subsidiary of Luye Pharma Group, Boan Biotech is a fully integrated biopharmaceutical company established in 2013. It specializes in therapeutic antibody development, with a focus on oncology, immunology, pain and endocrine diseases. Boan Biotech’s antibody discovery activities are based on four technologies/platforms: Human Antibody Transgenic Mouse and Phage Display Technology, Bispecific T-cell Engager Technology, ADC Technology and Nanobody Platform. Boan Biotech has expertise in the full industry chain from antibody production, lead optimization, cell line establishment, process development, technology transfer, and pilot production to commercial production. Outside of China, Boan Biotech also conducts biopharmaceutical development in the US and the European markets.
 

"The successful conclusion of this round of financing shows the capital market’s high confidence in Boan Biotech’s long-term strategy, capacity for innovation and development potential,” said Jiang Hua, Vice President of Luye Pharma Group and CEO of Boan Biotech, “With increased capital, we will be able to accelerate our global biopharmaceutical development, as well as the clinical development and launch of pipeline products, which will give a new impetus to the high quality growth of the Group and bring better returns to our investors.”
 

Boan Biotech is accelerating efforts to realize its strategy for global biopharmaceutical development, a key part of the Group’s business. Thanks to its exceptional in-house innovation capabilities, Boan Biotech has developed more than 10 innovative antibody products with international intellectual property protection and eight biosimilar products. One of the innovative antibody products is undergoing phase I clinical trials in China. Among the company’s biosimilar products, a Biologic License Application has been submitted for LY01008 (biosimilar to Avastin^®) in China; LY06006 (biosimilar to Prolia^®) and LY01011 (biosimilar to Xgeva^®) are undergoing comparative clinical studies (phase III clinical trials) in China and phase I clinical trials in Europe, as well as the United States. Meanwhile, LY09004 (biosimilar to Eylea^®) is also undergoing a comparative clinical study (a phase III clinical trial) in China.