Shanghai-based I-Mab Biopharma, has raised a new funding round worth $220 million for further research and medical developments.

The biotech startup was founded when Third Venture Biopharma and Tasgen Bio, two separate companies, merged in 2017 to form I-Mab Biopharma. The Chinese company concentrates in research and development efforts on biology and illnesses.

The startup has previously formed partnerships with research organizations, including Wuxi Biologics and TigerMed. This current round was led by Beijing-based Hony Capital.

“Hony Capital has a long-term relationship with Zang and highly values his management team. I-Mab is uniquely positioned with a sharp focus on the development of innovative medicines,” Bing Yuan, Hony Capital Managing Director, said, as reported by Deal Street Asia.

This Series C round comes over a year after the startup raised a $150 million Series B round. The Series B round was closed in March of last year.

Genexine, Ferring Pharmaceuticals and MorphoSys Ag are among companies which I-Mab Biopharma has partnered with. The startup focuses its efforts on autoimmune diseases as well as immuni-oncology and is currently working on ten drugs.

In a very short time, I-Mab has built a globally competitive pipeline and a highly experienced team to deliver the pipeline milestones,” Jingwu Zang, Founder and CEO of I-Mab Biopharma said. “This round of financing will facilitate further development of our innovative assets in China and internationally.”

Other investors in the round include Hillhouse Capital, HOPU Investments, CDH Investment, Ally Bridge Group, Singapore-based EDBI, C-Bridge Capital and Tasly Capital.

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