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- LaNova Medicines
LaNova Medicines Acquisition, Valuation, Funding & Investors
LaNova Medicines was acquired by Sino Biopharmaceutical for $951M in July 2025.
Cumulative funding LaNova Medicines raised
$130M
across 2 funding rounds
Key investors in LaNova Medicines
Qiming Venture Partners
YF Capital
Shanghai Biomedical Industrial Equity Investment Fund
Boyuan Capital
Qingsong Capital
Sino Biopharmaceutical
Pudong Venture Capital
Shanghai Zhangjiang Haocheng Venture Capital
LaNova Medicines Overview
About LaNova Medicines
LaNova Medicines is a Shanghai-based oncology biotechnology company that develops cancer therapies targeting tumor immunity and the tumor microenvironment, including antibody-drug conjugates, bispecific antibodies, and T-cell engagers. Its pipeline includes assets in registration-stage and Phase I/II clinical trials alongside more than ten preclinical programs, targeting mechanisms such as PD-1xVEGF, GPRC5D, Claudin18.2, CCR8, SIRPα, NaPi2b, and CEACAM5. The company has licensed several of these candidates to multinational partners, including a PD-1xVEGF bispecific antibody licensed to Merck and a GPRC5D antibody-drug conjugate licensed to AstraZeneca.
Founded
2019
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$951M (acquired Jul 2025)
LaNova Medicines Acquisition
LaNova Medicines was acquired by Sino Biopharmaceutical for $951M on 15 July 2025.
Before the acquisition LaNova Medicines had raised $130M across 2 funding rounds.
LaNova Medicines, a Shanghai-based oncology specialist founded less than six years ago, develops drugs targeting tumor immunity and the tumor microenvironment, with a focus on antibody-drug conjugates (ADCs), bispecific antibodies, and T-cell engagers. The company holds two projects in registration clinical stage, six in Phase I/II trials, and over ten in preclinical research, including LM-299 (PD-1xVEGF bispecific licensed to Merck), LM-305 (GPRC5D ADC licensed to AstraZeneca for $55 million upfront and up to $600 million total), and assets targeting Claudin18.2, CCR8, SIRPα, NaPi2b, and CEACAM5. LaNova previously licensed compounds to multinational firms, validating its platforms. Hong Kong-listed Sino Biopharmaceutical (1177.HK), which acquired a 4.91% stake in LaNova for RMB 142 million ($19.8-20 million) via Series C1 financing in November 2024, announced on July 15, 2025, an agreement to purchase the remaining 95.09% stake. The deal values LaNova at up to $950.9-951 million, with a net cash payment of approximately $500-500.9 million after accounting for LaNova's $450 million in cash and deposits; completion is targeted within 30 business days, by around July 31, 2025. Post-acquisition, LaNova becomes an indirect wholly-owned subsidiary, integrating its R&D team, platforms, and pipeline to enrich Sino's oncology assets. The strategic rationale emphasizes synergy: Sino gains cutting-edge ADC and bispecific technologies with global first-in-class or best-in-class potential, enhancing its innovation, clinical, manufacturing, and commercialization capabilities for international expansion. LaNova benefits from Sino's resources to accelerate development and market access, amid China's biotech boom where firms like LaNova attract global partners. This follows Sino's prior antibody acquisitions like HOB Biotech and contrasts its recent F-star exit, marking one of Asia-Pacific's largest pharma deals in 2025.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 15 Jul 2025 | Strategic M&A | $951M |
LaNova Medicines Funding History
LaNova Medicines has raised a total of $130M across 2 funding rounds.
LaNova Medicines' first fundraising round was a $87M Series A in January 2021. The most recent completed round was a $42M Series C in October 2024.
LaNova Medicines funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2024 | Series C | Sino Biopharmaceutical (lead); Pudong Venture Capital; Qiming Venture Partners; Shanghai Zhangjiang Haocheng Venture Capital; Shanghai Biomedical Industrial Equity Investment Fund | $42M | LaNova Medicines is a Shanghai-based oncology-focused biotech company founded approximately six years prior to October 2024, specializing in innovative cancer therapies including bispecific antibodies and antibody-drug conjugates. The company completed its Series C1 financing round on October 18, 2024, raising USD 42 million led by Sino Biopharmaceuticals with co-investments from Pudong Innovation Investment and Zhangjiang Haoheng, alongside continued support from existing investors Qiming Venture Partners and Shanghai Healthcare Capital. LaNova's pipeline includes eight clinical-stage compounds, with key assets including LM-299, a PD-1×VEGF bispecific antibody licensed to Merck & Co. for USD 588 million in upfront cash (announced November 2023), and LM-305, an anti-GPRC5D ADC licensed to AstraZeneca. Additional pipeline assets include LM-108, an anti-CCR8 monoclonal antibody with two breakthrough therapy designations in China, and LM-302, a Claudin 18.2 ADC in Phase III trials for gastric and pancreatic cancers. The company's emergence reflects broader gains in China's biotech sector, which over a decade transitioned from producing generic drugs to becoming an innovation hub attracting licensing deals from major multinational pharmaceutical companies. Post-acquisition in July 2025, Sino Biopharm disclosed that LaNova had generated over USD 888 million in cumulative out-licensing revenue from upfront and technology transfer payments, underscoring the company's validated track record in drug discovery and its appeal to global partners. |
| Jan 2021 | Series A | YF Capital; Qingsong Capital; Qiming Venture Partners; Boyuan Capital | $87M | - |
Who has invested in LaNova Medicines?
8 investors have backed LaNova Medicines across its funding rounds, including Qiming Venture Partners, YF Capital, Shanghai Biomedical Industrial Equity Investment Fund, Boyuan Capital, Qingsong Capital and Sino Biopharmaceutical.
Lead investors include Sino Biopharmaceutical.
LaNova Medicines Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Oct 2024 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Oct 2024 | ||
This data is available for Pro users. Sign up to see all 8 LaNova Medicines 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 TrialLaNova Medicines Competitors
LaNova Medicines competitors include listed companies like Solid Biosciences and Zhejiang Ausun, and private ones like Immunai, Formation Bio, ArsenalBio and MedGenome.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1.9B | - | ||
| Publicly listed | - | ($183M) | $951M | - | ||
| Private | - | - | $950M | - | ||
| Publicly listed | $118M | $29M | $941M | 6.5x |
LaNova Medicines Public Comps
LaNova Medicines is no longer listed, but its public comps include Solid Biosciences, Changchun BCHT, Zhejiang Ausun, Mega Lifesciences, Daewoong Pharmaceutical, Chengdu Kanghua, Sana Biotechnology, Kaken Pharmaceutical, Pacira BioSciences and SpyGlass Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($183M) | - | - | (3.2x) | (2.7x) | |||
| $90M | ($30M) | 10.7x | 10.9x | (32.5x) | (36.5x) | |||
| $118M | $29M | 7.1x | 6.5x | 28.9x | 15.3x | |||
| $425M | $82M | 2.0x | 1.9x | 10.2x | 8.4x | |||
| $1.1B | $184M | 1.4x | 1.4x | 8.6x | 7.8x | |||
| $174M | $50M | 4.7x | 4.4x | 16.6x | 16.3x | |||
| - | ($235M) | - | - | (3.6x) | (4.6x) | |||
| $494M | $35M | 1.4x | 1.3x | 19.4x | 15.4x | |||
This data is available for Pro users. Sign up to see all LaNova Medicines competitors and their valuation data. Start Free Trial | ||||||||
Common questions about LaNova Medicines
| When was LaNova Medicines founded? | LaNova Medicines was founded in 2019. |
| Where is LaNova Medicines headquartered? | LaNova Medicines is headquartered in China. |
| Is LaNova Medicines publicly listed? | No, LaNova Medicines was acquired by Sino Biopharmaceutical in July 2025. |
| Who acquired LaNova Medicines? | LaNova Medicines was acquired by Sino Biopharmaceutical in July 2025. |
| How much was LaNova Medicines acquired for? | LaNova Medicines was acquired for $951M in July 2025. |
| How much funding has LaNova Medicines raised? | LaNova Medicines has raised $130M across 2 funding rounds. |
| What was LaNova Medicines' last funding round? | LaNova Medicines' last funding round was a $42M Series C in October 2024, led by Sino Biopharmaceutical. |
| Who are LaNova Medicines' investors? | LaNova Medicines' investors include Qiming Venture Partners, YF Capital, Sino Biopharmaceutical, Pudong Venture Capital, Qingsong Capital, Shanghai Zhangjiang Haocheng Venture Capital, Boyuan Capital and Shanghai Biomedical Industrial Equity Investment Fund. |
| Which companies are comparable to LaNova Medicines? | Companies comparable to LaNova Medicines include Immunai, Formation Bio, ArsenalBio, Solid Biosciences, MedGenome and Zhejiang Ausun. |
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