BOSTON and SHANGHAI, China, June 16, 2021 (Newswire.com) - Blossom Bioscience announced its launch today with the closing of a $72M Series A financing to bring a broad range of potentially transformative medicine to patients in greater China. Blossom Bioscience was co-founded and incubated by Cormorant Asset Management ("Cormorant") and Hansoh Pharmaceutical Group Company Limited ("Hansoh Pharma"), and the two companies co-led the Series A financing.
Blossom Bioscience has also entered into an agreement with Hansoh Pharma to provide pre-clinical, clinical and commercialization support to expedite the development and launch of novel assets in greater China. Cormorant will also support Blossom Bioscience by leveraging its extensive global biotech network and portfolio companies to in-license assets to Blossom Bioscience. Andrew Phillips, Ph. D., Managing Director at Cormorant, and previously Chief Executive Officer of C4 Therapeutics, Inc. has been appointed as interim Chief Executive Officer of Blossom Bioscience.
"We are excited to partner with Hansoh, one of China's leading pharmaceutical companies, to form Blossom Bioscience," said Bihua Chen, Founder and Chief Executive Officer of Cormorant. "Blossom Bioscience will benefit from close ties between Cormorant and Hansoh to bring medicines to the many patients in Greater China that need new or alternative treatment options."
Yuan Sun, Executive Director of Hansoh Pharma, said: "With its track record and extensive network in the global biotech community, Cormorant is an outstanding partner for Hansoh in Blossom Bioscience to advance the development of many transformative therapeutics to address significant unmet medical need in Greater China."
Andrew Phillips, interim CEO of Blossom Bioscience, said: "I am thrilled to be involved in Blossom Bioscience and the important mission of bringing innovative new medicines to patients in Greater China. With Cormorant and Hansoh as investors, as well as access to Hansoh's world-class development capabilities, we are well-positioned to both enable the identification of highest quality assets on a global stage and accelerate their development in Greater China. In the near term, we fully expect our dynamic operational model and differentiated execution capabilities to catalyze the development of a pipeline of opportunities to support Blossom Bioscience's important mission."
About Cormorant Asset Management
Founded in 2013, Cormorant Asset Management ("Cormorant") is a prominent life sciences investment firm with over $3B of assets under management as of June 2021. Cormorant is driven by a deep focus on fundamental scientific principles and provides financial resources to support the most innovative and promising publicly traded and private companies in biotech and allied sectors.
About Hansoh Pharma
Hansoh Pharma, a leading biopharmaceutical company in Asia, is committed to discovering and developing life-changing medicines to help patients conquer serious diseases and disorders. Hansoh Pharma is supported by over 10,000 dedicated employees in China and the United States.
Founded in 1995, Hansoh has fully integrated research and development, manufacturing, and commercial capabilities, supporting leading positions across a broad range of therapeutic areas, including oncology, central nervous system (CNS) disorders, infectious diseases, diabetes and others. With the support of over 1,600 highly skilled R&D professionals, Hansoh has successfully developed multiple internally discovered drug candidates into NMPA-approved innovative medicines, including aumolertinib, a third-generation EGFR inhibitor for the treatment of NSCLC with EGFR mutations; PEG-loxenatide, the first once-weekly long-acting GLP-1 analogue discovered and developed in China for the treatment of diabetes; flumatinib, a second-generation BCR-ABL inhibitor for frontline treatment of chronic myeloid leukemia (CML); and morinidazole, a third-generation nitroimidazole antibiotic.
For more information, please visit www.hspharm.com [hspharm.com].
Blossom Bioscience Contact:
Hansoh Pharma Contact:
Sophia Dong, Ph.D.
Source: Cormorant Asset Management