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Chinese developer of Avastin biosimilar raises $102M in series B funding

Tot Biopharm Co. Ltd. said it raised $102 million in a series B financing designed to attract funds that will be used to accelerate the research and development of new products and commercialize existing ones.

The Chinese developer of anti-tumor therapies said the financing round was supported by China Universal (Cayman) GP Ltd. and saw the participation of existing investors, including majority shareholder Vivo Capital LLC. Others included Center Laboratories Group, Chengwei Capital, Yuanta Financial Holdings Group and Cathay Capital.

The Chinese biotechnology company's product pipeline is currently made up of over 10 drugs in the R&D stage, of which six have received approval for human clinical trials.

Tot Biopharm is among the top three firms in China competing to get a biosimilar version of Roche Holding AG's blockbuster cancer drug Avastin to the market. The company recently announced the results of an early stage study that showed its biosimilar, TAB008, had high similarity to Avastin, which is also known as bevacizumab.

There is currently only one approved biosimilar for Avastin in the U.S. and the EU: Amgen Inc. and Allergan PLC's Mvasi.