Mirae Asset Financial Group has invested $28 million in JW Therapeutics while co-leading a $100 million series B financing round for the Shanghai-based biopharmaceutical firm with alternative asset manager CPE, The Korea Economic Daily reported on June 11, citing industry banking sources. 

The sources said that Mirae Asset Daewoo Co. Ltd., Mirae Asset Global Investments Co. Ltd., Mirae Asset Capital Co. Ltd. and Mirae Asset Venture Investment Co. Ltd. participated in the funding, which has brought the total capital raised by JW Therapeutics to more than $200 million.

JW Therapeutics is a clinical stage biopharmaceutical company that was founded by Seattle-based company Juno Therapeutics and Shanghai pharmaceutical and biotech contract research outsourcing provider WuXi AppTec Group in 2016 to focus on leading cell-based therapy technologies.

Mirae Asset Financial Group and CPE reportedly spearheaded the financing round from deal sourcing to valuation. 

According to a statement from JW Therapeutics, Chinese state-backed investment firm Oriza Holdings and CR-CP Life Science Fund, a 50-50 joint venture between China Resources Group and Thai conglomerate Charoen Pokphand Group, participated in the round.

Existing investors, including Sequoia Capital China, Singapore’s state investor Temasek Holdings, Shanghai-based private equity firm Loyal Valley Capital and US-based venture capital firm ARCH Venture Partners, also took part.

JW Therapeutics plans to use the proceeds to advance a cell product in the second phase of clinical trials, build out a pipeline and establish commercialization capabilities to support product launch. (Reporting by Jinwon Lee)