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- Elpiscience Biopharmaceuticals
Elpiscience Biopharmaceuticals Valuation, Funding & Investors
Elpiscience Biopharmaceuticals is valued at $600M as of May 2021.
Last Elpiscience Biopharmaceuticals valuation
$600M
Series C · May 2021
Last Elpiscience Biopharmaceuticals funding round
$105M
Series C · May 2021
Cumulative funding Elpiscience Biopharmaceuticals raised
$260M
across 4 funding rounds
Key investors in Elpiscience Biopharmaceuticals
Lilly Asia Ventures
CDH Investments
Hillhouse Investment
Oriza Holdings
Dyee Capital
Tencent
About Elpiscience Biopharmaceuticals
Elpiscience Biopharmaceuticals is a Shanghai-headquartered clinical-stage biopharmaceutical company developing bispecific antibodies and multispecific therapeutics for immuno-oncology. Its pipeline includes ES101, a CCR8-targeting antibody in Phase I trials across China and the United States, alongside candidates targeting TIGIT, CD47, and PD-L1. Established in 2017, the company advances novel molecules addressing tumor microenvironment mechanisms to treat solid tumors. Elpiscience collaborates with international partners like Fosun Pharma and maintains research sites in Shanghai and Suzhou.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$600M (May 2021)
Sectors
Elpiscience Biopharmaceuticals Valuation
Elpiscience Biopharmaceuticals is currently valued at $600M, based on its Series C in May 2021.
The $105M round was led by Greater Bay Area Homeland Development Fund, with participation from Superstring Capital, Maison Capital, Dyee Capital, Keyuan Industry Fund, Lilly Asia Ventures and 4 other investors.
Elpiscience Biopharmaceuticals valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2021 | Series C | $600M |
Elpiscience Biopharmaceuticals Funding History
Elpiscience Biopharmaceuticals has raised a total of $260M across 4 funding rounds.
Elpiscience Biopharmaceuticals' first fundraising round was a $20M Series A in April 2017. The most recent completed round was a $105M Series C in May 2021.
Elpiscience Biopharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series C | Greater Bay Area Homeland Development Fund (lead); Superstring Capital; Maison Capital; Dyee Capital; Keyuan Industry Fund; Lilly Asia Ventures; Oriza Holdings; Zero2IPO; Cormorant Asset Management; CDH Investments | $105M | $600M | Elpiscience Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing next-generation cancer immunotherapies, particularly targeting myeloid cell regulation to turn 'cold' tumors 'hot.' It has built a pipeline of 15 globally innovative molecules, with three assets (ES101, ES102, ES104) in clinical trials and three (ES002, ES014, ES004) in IND-enabling stages as of May 2021. The company leverages platforms like Acebody for IgG-like bispecific antibodies and ElpiSource for precise target screening, alongside translational medicine and dual-track clinical advancement in China and the US. On May 13, 2021, Elpiscience closed a $105 million Series C funding round led by Greater Bay Area Homeland Development Fund, with participation from new investors including Cormorant Asset Management, Maison Capital, Superstring Capital, and others, plus existing investors like Lilly Asia Ventures, CDH Investments, Dyee Capital, and Oriza Holdings. This brought total funding to approximately $260 million across multiple rounds. Proceeds were allocated to expand global R&D, advance molecules into US clinical studies, explore novel cancer immunotherapy mechanisms, and form strategic partnerships. The post-money valuation reached $600 million USD. Elpiscience has established global collaborations, such as licensing ES102 and ES104 from Inhibrx and Compass for Greater China rights, and combination therapy research with Junshi Biosciences involving ES102 and toripalimab. Investors include top-tier firms like Lilly Asia Ventures (largest shareholder at 22.93%), Hillhouse Capital, and others. The company aims to bring at least one world-class molecule into the clinic annually, positioning itself as a leader in cancer immunotherapy innovation. |
| Dec 2019 | Series B | Hyfinity Investments (lead); ShenZhen GTJA Investment Group; Tencent; Hillhouse Investment; Dyee Capital; Lilly Asia Ventures; Ming Bioventures; WisdoMont Asset Management; Oriza Holdings; CDH Investments | $100M | - | Elpiscience Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on developing novel bispecific antibodies using its myeloid cell engager (MCE) platform. The company has taken a differentiated approach by focusing on MCE therapeutics rather than the more common T cell engager (TCE) approach, positioning itself as a rare global player in myeloid cell regulation. Its therapeutic pipeline includes programs like ES014, ES019, and ES104 (CTX-009), with ES014 receiving FDA Orphan Drug Designation as a first-in-class bispecific antibody. On December 28, 2019, Elpiscience completed a Series B financing round raising $100 million. This round included investments from major institutional investors including CDH Investments, DYEE Capital, Hillhouse Capital Management, Lilly Asia Ventures, Oriza Holdings, and others. The company's technology platform combines the Acebody platform for efficient production of IgG-like bispecific antibodies with the ElpiSource antibody library for precise target screening, complemented by translational medicine capabilities and dual-track clinical advancement in China and the United States. Each financing round was conducted with a phased closing structure. The Series B Financing had a phase I closing followed by a phase II closing completed in May 2020. Following the Series B round, Elpiscience received IND approval from China's NMPA in August 2020 to initiate phase I clinical trials for ES102 as a single agent in patients with advanced solid tumors. The company has attracted sustained investment from leading institutions including Lilly Asia Ventures (LAV), Hillhouse Group, Tencent, and other strategic partners, demonstrating confidence in its differentiated R&D strategy and technological potential in the immunotherapy field. |
| Dec 2018 | Series A | Hillhouse Investment (lead); Lilly Asia Ventures; CDH Investments | $35M | - | Elpiscience Biopharmaceuticals, founded in 2017, is a Shanghai-based biopharmaceutical company focused on developing next-generation immuno-oncology therapies, particularly aiming to convert 'cold tumors' into 'hot tumors' responsive to immunotherapy through myeloid cell regulation and novel targets for cancers like gastric, pancreatic, lung, and others. The company leverages platforms like Acebody for bispecific antibodies, ElpiSource library, and translational medicine for dual-track clinical advancement in China and the US. On December 3, 2018, Elpiscience completed a Series A+ financing round of $35 million USD led by Hillhouse Capital (also referred to as Hillhouse Investment), with participation from CDH Investments and existing investor Lilly Asia Ventures (LAV), bringing total funding from Series A and A+ to $55 million USD. Proceeds were designated primarily for advancing its pipeline, including ES101, with a Phase I clinical trial planned for early 2019. The company has since raised additional rounds, completing four financings totaling approximately $252 million, with investors including Tencent, CGTI Fund, and Hyfinity Investments, though post-money valuation reached $600 million USD only after the most recent round. Later developments include Series B in 2019, Series C of $105 million in May 2021 with repeat investors like Hillhouse, CDH, and LAV, plus new ones such as Greater Bay Area Homeland Investments and Cormorant Asset Management, and overall funding exceeding $260 million across six rounds. Elpiscience's pipeline has advanced significantly post-2018, with assets like ES014 (bispecific antibody), ES102, ES104 entering clinical stages, some gaining FDA IND approval and Orphan Drug Designation. The company pursued HKEX listing as of recent prospectus, highlighting technological barriers in immuno-oncology amid global shifts to multi-target therapies. Strategic partnerships include a license deal with Astellas for up to $37 million upfront/option fees plus over $1.7 billion in milestones and royalties, and earlier in-licensing of ES102 from Inhibrx in April 2018 for Greater China rights. |
| Apr 2017 | Series A | Lilly Asia Ventures (lead) | $20M | - | Elpiscience Biopharmaceuticals, a Shanghai-based oncology-focused biopharma founded in June 2017 by Darren Ji, Hongtao Lu, and David Shen, develops next-generation cancer immunotherapies targeting innate and adaptive immunity, tumor microenvironment, and tumor-specific antigens. The company completed a Series A financing of $20 million USD solely from Lilly Asia Ventures (LAV) announced on August 30, 2017, with proceeds intended to initiate operations, expand its IO pipeline, and establish R&D platforms. This followed company establishment, positioning Elpiscience to build a robust immunotherapy pipeline addressing unmet clinical needs in cancer treatment. Subsequently, Elpiscience raised a Series A+ round of $35 million led by Hillhouse Capital with participation from CDH Investments and LAV, announced December 3, 2018, bringing total funding to $55 million. Funds supported pipeline advancement, including Phase I trials for ES101 planned for early 2019. Later rounds included a $100 million Series B in December 2019 led by Hyfinity Investments with Tencent and existing investors like LAV, Hillhouse, and CDH, focusing on candidates like ES101, ES102, and ES002, plus GMP manufacturing via bank collaborations. A $105 million Series C closed in May 2021 to advance anti-CD39 and other assets to U.S. trials and explore partnerships. Overall, Elpiscience raised over $260 million across rounds by 2021, attracting top investors including LAV (later largest shareholder at 22.93%), Hillhouse, Tencent, and others, with a post-money valuation of $600 million after its most recent round (likely Series C or later) and total funding around $252 million per recent HKEX prospectus. The company advanced assets like ES102, ES014, and ES104 to clinical stages, secured FDA INDs, and formed global partnerships with Inhibrx, Compass, and Junshi Biosciences for Greater China rights and combination therapies. |
Who has invested in Elpiscience Biopharmaceuticals?
16 investors have backed Elpiscience Biopharmaceuticals across its funding rounds, including Lilly Asia Ventures, CDH Investments, Hillhouse Investment, Oriza Holdings, Dyee Capital and Tencent.
Lead investors include Greater Bay Area Homeland Development Fund, Hyfinity Investments, Hillhouse Investment and Lilly Asia Ventures.
Elpiscience Biopharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Apr 2017 | ||
| 3 | Participant | Dec 2018 | ||
| 2 | Lead | Dec 2018 | ||
| 2 | Participant | Dec 2019 | ||
| 2 | Participant | Dec 2019 | ||
| 1 | Lead | May 2021 | ||
| 1 | Participant | Dec 2019 | ||
| 1 | Participant | May 2021 | ||
| 1 | Lead | Dec 2019 | ||
| 1 | Participant | Dec 2019 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Dec 2019 | ||
This data is available for Pro users. Sign up to see all 16 Elpiscience Biopharmaceuticals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialElpiscience Biopharmaceuticals Competitors
Elpiscience Biopharmaceuticals competitors include listed companies like Allogene Therapeutics and Bright Minds Biosciences, and private ones like Iambic, Ottimo Pharma, Terray Therapeutics and Tizona Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $601M | - | ||
| Publicly listed | - | ($197M) | $598M | 122.7x | ||
| Publicly listed | - | ($10M) | $604M | - |
Elpiscience Biopharmaceuticals Public Comps
Elpiscience Biopharmaceuticals is still privately-owned, but its public comps include Allogene Therapeutics, Bright Minds Biosciences, Alkaloid, Agomab Therapeutics, Avalon Pharma, Cormedix, Scribe Therapeutics, TTY Biopharm, Shattuck Labs and CytomX Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($197M) | - | 122.7x | (1.7x) | (1.7x) | |||
| - | ($10M) | - | - | (39.2x) | (10.0x) | |||
| $391M | $62M | 1.7x | - | 10.7x | - | |||
| - | ($74M) | - | 975.9x | (4.2x) | (3.8x) | |||
| $123M | $34M | 5.1x | 4.6x | 18.2x | 18.3x | |||
| $312M | $164M | 1.6x | 1.5x | 3.0x | - | |||
| $51M | ($21M) | 14.2x | - | (34.0x) | - | |||
| $203M | $72M | 2.9x | 2.8x | 8.3x | - | |||
This data is available for Pro users. Sign up to see all Elpiscience Biopharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Elpiscience Biopharmaceuticals
| When was Elpiscience Biopharmaceuticals founded? | Elpiscience Biopharmaceuticals was founded in 2017. |
| Where is Elpiscience Biopharmaceuticals headquartered? | Elpiscience Biopharmaceuticals is headquartered in Shanghai, China. |
| Is Elpiscience Biopharmaceuticals publicly listed? | No, Elpiscience Biopharmaceuticals is a private, VC-backed company. |
| What is Elpiscience Biopharmaceuticals' valuation? | Elpiscience Biopharmaceuticals was last valued at $600M in its Series C in May 2021. |
| How much funding has Elpiscience Biopharmaceuticals raised? | Elpiscience Biopharmaceuticals has raised $260M across 4 funding rounds. |
| What was Elpiscience Biopharmaceuticals' last funding round? | Elpiscience Biopharmaceuticals' last funding round was a $105M Series C in May 2021, led by Greater Bay Area Homeland Development Fund. |
| Who are Elpiscience Biopharmaceuticals' investors? | Elpiscience Biopharmaceuticals' investors include Lilly Asia Ventures, CDH Investments, Hillhouse Investment, Dyee Capital, Oriza Holdings, Greater Bay Area Homeland Development Fund, ShenZhen GTJA Investment Group, Superstring Capital, Hyfinity Investments, Tencent and 6 others. |
| Which companies are comparable to Elpiscience Biopharmaceuticals? | Companies comparable to Elpiscience Biopharmaceuticals include Iambic, Ottimo Pharma, Terray Therapeutics, Tizona Therapeutics, Allogene Therapeutics and Bright Minds Biosciences. |
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