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HONG KONG, Sept 14, 2021 - (ACN Newswire) - Legend Capital led a new round of investment of PT Etana Biotechnologies Indonesia (Etana), along with Innovent Biologics, Inc. (Innovent) (HKEX: 01801), and a consortium led by UOB Venture Management (UOBVM). This round of funds will be used to further strengthen the company's production, registration, clinical and commercialization capabilities, promote the company's extensive and in-depth cooperation with biopharmaceutical companies, and lead the development of the Indonesian biopharmaceutical industry.
Nathan Tirtana, President Director of Etana stated "Etana, as an Indonesian biopharmaceutical start-up, always strive to provide high quality, affordable and innovative biopharmaceutical products to serve the patients in Indonesia and South-East Asian countries. We will use the support obtained from the investors to develop local biopharmaceutical production capabilities in line with the policies promoted by the Indonesian government. Etana aims to tackle challenges in oncology and other life-threatening diseases for the South-East Asian market. We believe these biological products can provide better treatment and greatly improve healthcare for the population."
Hong Tan, Managing Director of Legend Capital, said "We appreciate Etana's vision to provide Indonesia with cost-effective biopharmaceuticals. We look forward to working with Etana to achieve this goal. Etana has significant synergy with China's biopharmaceutical industry. It will become an important bridge to promote cross-border pharmaceutical trade between China and Southeast Asia. Through this cooperation, we believe that Etana will grow into a leading biopharmaceutical company in Indonesia and Southeast Asia."
Seah Kian Wee, the CEO and Managing Director of UOB Venture Management, said, "We are pleased to be able to support Etana in its efforts to improve the lives of Indonesians through the development of biological medicine using advanced technology. At UOBVM, we have built a deep understanding of ASEAN and its diverse business landscape through our 20 years of experience facilitating the growth of promising private companies through direct equity investments. Building on our regional expertise and collaboration with Etana, we can help to advance the biopharmaceutical industry in ASEAN and reinforce our commitment to promoting the well-being of communities in the region."
About Etana
PT Etana Biotechnologies Indonesia (Etana) established in 2014 is an Indonesian biopharmaceutical company that focuses on the development and commercialization of biological drugs in the oncology field and other life-threatening disease for the Southeast Asian market. Etana has biotechnology production facilities that meet international standards including Indonesian FDA to produce biologics with aggressive expansion in the progress. Through experienced and dedicated sales and marketing team, Etana aim to serve patients by providing high-quality, affordable, and innovative biopharmaceutical products with a passion to improve healthcare.
About Legend Capital
Legend Capital is an independent professional venture capital company under Legend Holdings. It was established in April 2001. Its core business is positioned at the initial stage of venture capital and expansion stage growth investment. At present, Legend Capital's USD and RMB funds under management total USD 9 billion, and have been invested in more than 500 companies, of which more than 90 have gone public, and more than 70 have exited through mergers and acquisitions. As a pioneer in the industry, Legend Capital began investing in the medical field since 2007. For many years, Legend Capital has established professional investment capabilities in various segments of medical and healthcare industry, and has worked closely with its portfolio companies to form an unique healthcare ecosystem resource.
About UOB Venture Management Pte Ltd
UOB Venture Management Private Limited (UOBVM) is a wholly-owned subsidiary of United Overseas Bank Limited (UOB), a leading bank in Asia with a global network of around 500 branches and offices. UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. Since 1992, UOBVM has been providing financing to privately-held companies in Southeast Asia and Greater China through direct equity investment. UOBVM advocates responsible investing through impact investments and integrating ESG considerations into its investment process. UOBVM is a signatory of the Operating Principles for Impact Management and the United Nations-supported Principles for Responsible Investment. UOBVM has assets under management in excess of S$2 billion.
About Innovent
Inspired by the spirit of "Start with Integrity, Succeed through Action," Innovent's mission is to develop, manufacture and commercialize high-quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of cancer, autoimmune, metabolic and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.
Since its inception, Innovent has developed a fully integrated multi-functional platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 26 valuable assets in the fields of cancer, metabolic, autoimmune disease and other major therapeutic areas, with 5 products - TYVYT (sintilimab injection), BYVASDA (bevacizumab biosimilar injection), SULINNO (adalimumab biosimilar injection), HALPRYZA (rituximab biosimilar injection) and Pemazyre (pemigatinib oral inhibitor) - officially approved for marketing, 1 asset's NDA under NMPA review, sintilimab's Biologics License Application (BLA) acceptance in the U.S., 5 assets in Phase 3 or pivotal clinical trials, and an additional 15 molecules in clinical studies.
Innovent has built an international team with advanced talent in high-end biological drug development and commercialization, including many global experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Adimab, Incyte, MD Anderson Cancer Center, Hanmi and other international partners. Innovent strives to work with many collaborators to help advance China's biopharmaceutical industry, improve drug availability and enhance the quality of the patients' lives. For more information, please visit: www.innoventbio.com and www.linkedin.com/company/innovent-biologics/.
Topic: Press release summary
Source: Legend Capital
Sectors: Daily Finance, BioTech, Healthcare & Pharm, PE, VC & Alternatives
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From the Asia Corporate News Network
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