News Release

Carlyle leads Series D financing for Abbisko, a leading innovative biotech company in China

Carlyle partners with Abbisko to capture growth in China’s emerging biotech industry

Shanghai – Global investment firm The Carlyle Group (NASDAQ: CG) today announced that an affiliated entity of CAP Growth I (“Carlyle”), has agreed to lead the USD123 million Series D financing for Abbisko Therapeutics, an oncology focused biotech company in China.

Abbisko was founded in 2016 by Dr. Yaochang Xu, Dr. Hongping Yu and Dr. Zhui Chen, industry veterans in China’s pharma industry. With in-house discovery and development capabilities, Abbisko is focused on small molecule drugs for targeted therapy and immune-oncology, two of the core cancer treatment categories today, with rights for distribution in China and globally. Four of Abbisko’s programs have advanced into the clinical stage with seven Investigational New Drug approvals already obtained in different regions of the world. Through this transaction, Carlyle joins some of the leading specialized investors in the biotech space in backing an emerging biotech leader with a founding team that has a proven track record in launching innovative drugs.

China’s pharmaceutical market is the second largest globally, and is undergoing significant change to close the innovation gap with developed markets. China’s biotech industry is expected to continue its rapid expansion as an increasing number of innovative drugs get approved and launched in a market where there is currently an under-penetration of biotech drugs. Oncology is the largest and fastest growing therapeutics area globally, with targeted therapy and immunotherapy emerging as important treatments offering lower toxicity and robust efficacy.

Proceeds from this transaction will be used to advance Abbisko’s ongoing clinical development programs and further expand its portfolio programs in the discovery and preclinical development stages.

Ling Yang, a Managing Director of the Carlyle Asia advisory team, commented: “Abbisko has achieved significant research and clinical progress since its establishment in 2016, showcasing its strong R&D capabilities led by one of China’s most seasoned management teams. The Company’s strong pipeline, in-house discovery engine, and experienced team make this a rare and exciting partnership and investment opportunity for Carlyle. We look forward to working with the Company to capture the growing opportunity in both the domestic and global biotech market.”

Dr. Yaochang Xu, founder and CEO of Abbisko Therapeutics commented: “We are delighted to welcome Carlyle as the lead investor in our latest round of financing and as we continue to advance the discovery and development of novel cancer therapies in China. We have been impressed by Carlyle’s deep comprehension of China’s biotech industry, and of the key success factors defining those emerging as leaders, both domestically and globally. We believe Carlyle’s significant industry expertise, network, and resources will add great value to Abbisko’s ongoing development.”

The Carlyle Group has a well-established history of investing in the healthcare sector, both in China and globally, investing more than US$13 billion of equity in approximately 80 deals in the global healthcare sector as of September 30, 2020. Its healthcare investments in China include leading biopharmaceutical company Salubris, the third-party independent clinical laboratory Adicon, the global peptide APIs manufacturer Ambio, hi-tech medical device pioneer MicroPort, the leading medical group Zhongmei Healthcare, China’s largest private preventative healthcare provider Meinian Onehealth, among others. Carlyle’s global medical investments include the leading global contract research organization PPD, the US-based medical and pharmaceutical product R&D service provider and active ingredient and OTC drug manufacturer AMRI, the US-based drug producer MedPointe, the Australia-based drug manufacturer and distributor iNova, among others.

Carlyle is a long-standing global investment firm with operations in China, making investments in this market for over two decades. With global resources, deep industry expertise and strong local knowledge, Carlyle has invested more than US$10 billion of equity in over 110 transactions across China as of September 30, 2020.


About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at Follow The Carlyle Group on Twitter @OneCarlyle.

About Abbisko Therapeutics
Founded in April 2016, Abbisko is an oncology focused biopharmaceutical company dedicated to discover and develop innovative medicines for unmet medical needs in China and around the world. The company is founded by a group of seasoned drug hunters with rich research and managerial experience from top multinational pharmaceutical companies and Chinese industrial leaders. Abbisko is currently focused on targeted therapy and immune-oncology areas with targets of high novelty and potential for discovering and developing first-in-class or best-in-class small molecule drugs.


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