Arrivent Biopharma Locks in $155M to Support Drug Candidate Pipeline Expansion
Arrivent Biopharma raised an oversubscribed $155 million in a Series B funding round led by venture capital firms Sofinnova Investments and General Catalyst with backing from Sequoia China and Catalio Capital Management, among others, to support its drug candidate pipeline expansion.
Existing investors, including Lilly Asia Ventures, OrbiMed, Octagan Capital Advisors, Sirona Capital and Zoo Capital have re-upped in the round. The new funding is tacked on to the company’s $150 million Series A launch in June 2021.
Founded in 2021 by Bing Yao, the Newtown Square, PA-based firm currently has two candidates under its pipeline including furmonetinib, developed by Shanghai-based Allist Pharmaceuticals. Arrivent also has a $100 million deal with Aarvik Therapeutics to create a new oncology drug candidate.
Jim Healy, Managing Partner of Sofinnova Investments, and Carl Gordon, Managing Partner of Orbimed, will join ArriVent’s board of directors
The funding comes at a time when Series B deals are significantly down, with US companies on track for a record low in the first quarter of 2023 compared with the past nine quarters, according to Crunchbase data.
