Sino-American Firm Raises $100 Million | April 11, 2011 Issue - Vol. 89 Issue 15 | Chemical & Engineering News
Volume 89 Issue 15 | p. 21 | Concentrates
Issue Date: April 11, 2011

Sino-American Firm Raises $100 Million

Department: Business
Keywords: specialty therapeutics, China China

Ascietis, a new specialty therapeutics firm based in the U.S. and China, says it has commitments for $100 million in financing from private investors in China and elsewhere. Led by Jinzi J. Wu, who was previously vice president of HIV drug discovery at GlaxoSmithKline, Ascietis plans to build a near-term business by in-licensing compounds for the Chinese market and a longer term business based on its own discoveries in the fields of cancer and infectious diseases. It will have facilities in Chapel Hill, N.C., and Hangzhou, China.

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