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CStone Pharmaceuticals completes $260M financing

China's CStone Pharmaceuticals Co. Ltd. completed a $260 million series B financing.

The funding was led by Singapore sovereign wealth fund GIC Pvt. Ltd. with participation from new investors including Sequoia China, Yunfeng Capital and 6 Dimensions Capital among others.

CStone previously raised $150 million in its series A financing in 2016.

The Chinese biopharmaceutical company plans to use the proceeds to develop its anti-PD-L1 experimental drug, CS1001, and for the expansion of its pipeline.

CS1001 is part of a class of immune system-boosting drugs called checkpoint inhibitors. Inhibitor drugs target immune checkpoints such as PD-L1 and CTLA-4 to prevent cancer cells from downregulating and hiding from the body's immune system.