(Yicai Global) Jan. 3 -- Two startups from China's medical sector have merged in an effort to bolster their research and development capabilities in the biopharmaceutical field.
MabSpace Bioscience has joined hands with Hangzhou-based Just Biotherapeutics to form Transcenta Holding, the Hong Kong-based cancer drug developer said in a statement. The move is expected to boost the production capabilities of both companies.
The new company will combine talent and experience in R&D from both companies, according to statement. The combined entity boasts a drug discovery and transformation research center in Suzhou, eastern China, as well as a production base in Hangzhou and clinical development centers in Shanghai, Beijing and Boston, US.
MabSpace Chief Executive Qian Xueming will head up Transcenta while Just Biotherapeutics CEO Zhang Yining will assume the role of executive chairman.
Set up in 2016, Just Biotherapeutics develops anti-tumor and anti-infection biosimilars as well as bio-innovative drugs. The enterprise closed USD35 million in B+ round financing last June.
Founded in 2013, MabSpace focuses on antibody cures for cancer and other diseases. The firm has more than 10 cancer drugs under development.
The pair has received combined funding of close to USD160 million to date with Lilly Asia Ventures, Temasek Holdings, Sequoia Capital China, Arch Venture Partners, Taikang Asset Management and Tengyue Fund among their investors.