Ascletis Raises Mammoth $100 Million To Deploy Its US-China Hybrid Model

In the latest and most ambitious attempt to create a new global pharma with one foot in China and one in the West, Ascletis Inc. has launched with a hybrid drug development model that has attracted $100 million in committed funding. [See Deal] And in an interesting twist, the supremely well-capitalized company has, thus far, avoided working with venture capitalists entirely, with real estate billionaire Jinxing Qi leading the Series A round, via his Hangzhou Binjiang Investment Holding company. Qi, who is listed as a company co-founder, joined other unnamed private investors from China, the US, and elsewhere in the round. Ascletis has taken a first tranche worth $50 million, with the remainder due upon reaching specific development milestones.

The total dollar value makes Ascletis' introductory round one of the largest Series A fundings ever for a biopharma, especially...