Insilico Medicine Raises $255 Million in Series C Financing Led by Warburg Pincus
AsiaNet 90242
NEW YORK and HONG KONG, June 22, 2021 /PRNewswire=KYODO JBN/ --
Insilico Medicine, a global leader in end-to-end artificial intelligence for
target discovery, small molecule chemistry, and clinical development, announced
that it has closed a $255 million Series C financing led by Warburg Pincus. The
financing was also participated by current investors including Qiming Venture
Partners, Pavilion Capital, Eight Roads Ventures, Lilly Asia Ventures,
Sinovation Ventures, BOLD Capital Partners, Formic Ventures, Baidu Ventures,
and new investors including CPE, OrbiMed, Mirae Asset Capital, B Capital Group,
Deerfield Management, Maison Capital, Lake Bleu Capital, President
International Development Corporation, Sequoia Capital China and Sage Partners.
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As a pioneer and leader in the industry, Insilico Medicine has built a strong
drug discovery and drug development team, a broad distributed discovery partner
network, and initiated multiple internal therapeutic programs. The Company
demonstrated the first case of AI identifying a novel target for a major
pulmonary disease, generating novel molecules for that novel target, and
completing the preclinical experiments required to nominate a preclinical
candidate in under 18 months. Insilico Medicine also developed the AI-powered
drug discovery platform consisting of PandaOmics(TM) AI-powered novel target
discovery engine, Chemistry42(TM) deep generative reinforcement learning system
allowing for de-novo design of novel molecules with the desired properties that
do not exist in the known chemical space, and InClinico(TM), which predicts
clinical trial outcomes.
Proceeds from the financing will be used to progress Insilico Medicine's
current therapeutic programs into human clinical trials, initiate multiple new
programs for novel and difficult targets, and further develop its AI and drug
discovery capabilities.
Alex Zhavoronkov, PhD, founder and CEO of Insilico Medicine said, "The
artificial intelligence technologies we invented are now demonstrating
impressive results in both biology and chemistry delivering valuable and
absolutely novel therapeutic assets with high probability of clinical success.
We are pleased and proud to have gained the recognition and investment from
some of the world's most reputable investors with strong expertise in the
biopharmaceutical industry. With their support, we will continue to innovate
and bring revolutionary solutions to the pharmaceutical industry."
Min Fang, Managing Director at Warburg Pincus, will join Insilico Medicine's
Board of Directors.
Fred Hassan, former Chairman and CEO of Schering Plough Corporation, commented
on behalf of Warburg Pincus, "Artificial Intelligence and Machine Learning is a
powerful tool to revolutionize the drug discovery process and bring
life-changing therapies to patients faster than ever before. We are pleased to
partner with Insilico, which has demonstrated strong value proof of its AI
technologies both through partnerships with leading pharmaceutical and biotech
companies and the development of exciting internal pipeline. Insilico fits
strongly with our strategy of investing in the best-in-class innovators in the
healthcare and we will continue to support the company's ambitious vision of
transforming drug discovery through harnessing AI and Machine Learning."
Since the previous round of financing, Insilico Medicine is making its
technologies available for licensing for the leading pharmaceutical and
biotechnology companies looking to gain a head start in AI and accelerate their
drug discovery programs. It has collaborated with first-in-class
biopharmaceutical companies, including Pfizer, Astellas, Johnson & Johnson,
Taisho, and many others, with multiple partners reaching major milestones.
Insilico Medicine also exclusively partnered with the main innovative
sustainable agriculture company, Syngenta, on the discovery of novel molecules
for sustainable regenerative farming. Since the launch of Chemistry42 in
September 2020, 7 out of the top 30 pharmaceutical companies deployed its
software, including Merck KGaA and UCB. Insilico Medicine also built a drug
discovery team and platform in China and started multiple therapeutic programs
targeting novel, difficult, and previously undruggable targets.
About Insilico Medicine
Insilico Medicine develops artificial intelligence systems that utilize deep
generative models, reinforcement learning (RL), transformers, and other modern
machine learning techniques for the generation of new molecular structures with
specific properties. Insilico Medicine also develops software for the
generation of synthetic biological data, target identification, and the
prediction of clinical trials outcomes. The company integrates two business
models; providing AI-powered drug discovery services and software through its
Pharma.AI platform (www.insilico.com/platform/) and developing its own pipeline
of preclinical programs. It has demonstrated the ability to identify the novel
target for a major disease, generate and validate novel molecules with the
desired properties for that target and nominate a preclinical candidate in
under 18 months. Since its inception in 2014, Insilico Medicine has raised over
$310 million from expert pharmaceutical, and technology investors, and received
multiple industry awards. Insilico Medicine has also published over 130
peer-reviewed papers and has applied for over 30 patents. For more information,
please visit www.insilico.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth
investing. The firm has more than $60 billion in private equity assets under
management. The firm's active portfolio of more than 200 companies is highly
diversified by stage, sector, and geography. Warburg Pincus is an experienced
partner to management teams seeking to build durable companies with sustainable
value. Founded in 1966, Warburg Pincus has raised 19 private equity funds,
which have invested more than $90 billion in over 930 companies in more than 40
countries.
Since entering China in 1994, Warburg Pincus has invested nearly $14 billion in
nearly 140 companies in the region. Warburg Pincus is one of the most active
investors in the China healthcare industry, having invested more than $1.85
billion in the sector. Select investment cases include Abbisko Therapeutics,
Haihe Biopharma, Lepu Medical, Wuxi AppTec, China Biologics, Hygeia and Jinxin
Fertility, etc. For more information please visit www.warburgpincus.com.
CONTACT: Polly Firs, polly.firs@insilicomedicine.com
SOURCE: Insilico Medicine Hong Kong Limited
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