A leading biotech company in China, Innovent Biologics, Inc. was founded in August 2011. Innovent aims to produce highly complex biopharmaceutical products that will be affordable to people in China and around the world. Backed with investments from world-class leading financial institutions totaling $240M, Innovent has established a solid foundation for growth.
From its onset, Innovent has been focusing on innovation. In its first five years, Innovent built up a portfolio of 12 molecules targeted towards indications in cancer, ophthalmology, autoimmune disorders, and cardiovascular diseases. Two of Innovent’s pipeline products have been granted “National Mega Innovative Program” status. From a manufacturing perspective, Innovent has built a large-scale manufacturing base, which includes two 1,000-liter bioreactors that have been in operation since 2014. Innovent also has four 2,000-liter bioreactors that are currently in the design phase. The entire facility is in compliance with GMP Standards from the CFDA, FDA and EMA. The two 1,000-liter lines passed an MNC audit by our MNC partners in September, 2016, earning the distinction of being the first biopharmaceutical production line that complies with the FDA standards. Innovent has also been fortunate to have attracted over 37 overseas returnees, most of whom are high level professionals and talented people from across the industry, having not only deep China expertise but also having meaningful global experience as well. These high quality and knowledgeable professionals form the backbone of Innovent talent pool.
In March and October of 2015, Innovent and Eli Lilly signed two collaboration agreements to co-develop and co-commercialize six antibody drugs over the next decade. The transaction not only brings upfront and potential milestone payments to Innovent well above $2.0 B, but also sets several industry precedents for Chinese biotech companies. This was the first time a biopharmaceutical product invented by a Chinese company was licensed to a Global Top 20 company while also commanding the largest upfront payment a Chinese company has received to date from a global partner.
In recent months, Innovent has been recognized by outside organizations for its significant contributions. In June 2015, Innovent CEO Michael Yu was invited by the China State Council to attend the “Sixth U.S. – China Innovation Dialogue” in Washington DC., Michael Yu represented the best innovative Chinese companies as he delivered a speech on the state of biopharmaceutical innovation in China. Also, Innovent’s R&D prowess was voted as one of the “Top Ten Breakthroughs in the China Biopharmaceutical Industry” in 2015. In June 2016, Innovent was selected to attend the National “12th Five-Year” science and technology innovation achievement exhibition, where Innovent was widely recognized by national leaders.