Hengrui Therapeutics (HTI) has signed an agreement with HR Bio Holdings Limited, a joint venture between Jiangsu Hengrui Medicine Co. Ltd. (JHM) and an undisclosed blue chip investment firm, regarding a $100 million investment in HTI.
The proceeds from the investment will be used to advance clinical trials in the Company’s current areas of pharmaceutical research and development.
"We are pleased to see the U.S. investment into HTI from our joint venture. It is an important step in our global development strategy," said Mr. Piaoyang Sun, Chairman of JHM and also Chairman of HTI.
"We believe this level of capital funding will enable swift build-up of HTI’s infrastructure, thus adequately support the execution of its development projects in the U.S. and the rest of the world."
Based in Princeton, N.J., HTI is a recently formed biopharmaceutical company engaged in the development and commercialization of innovative cancer therapies.
The company’s drug pipeline consists of multiple clinical-staged oncology and immuno-oncology assets. As its corporate mission, HTI is firmly committed to the fight against cancer and other serious diseases around the world.
"We are extremely pleased with the investment from HR Bio. With this strong infusion of capital, we at HTI can effectively support a robust, clinical staged pipeline and deliver innovative medicines to patients in need," commented Adam Zong, PhD, President and CEO of HTI. "It will lay a good foundation for our company’s long term growth."