Monday August 20, 10:48 am Eastern Time
Press Release
SOURCE: MPM Capital L.P.
MPM Leads Financing of TaiGen, a Taiwanese
Biotech Company Founded with GPC Receptor
Technology from Arena Pharmaceuticals
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug. 20, 2001--TaiGen Biotechnology, one
of the first biotechnology companies formed in Taiwan closed $24 million out of a $48 million
total Series A financing. The financing was led by MPM Capital L.P. with Chinese investors
such as the Development Fund, Yuen Foo Yoong, China Development Industrial Bank,
Shingkong Life Insurance, Yao Hwa Glass, the Industrial Bank of Taiwan, Hotung Group,
Cheng Xin Technology Development, China Synthetic Rubber, Fujisawa, Chailease Finance,
Champion Venture, and Cathay Life Insurance contributing. Most importantly, Arena
Pharmaceuticals (NASDAQ: ARNA - news), one of MPM Capital's portfolio companies,
will provide TaiGen with up to 30 CART activated G-protein coupled receptors (GPCR's)
over the next three years. TaiGen will use this financing as well as this critical collaboration
with Arena to discover and develop GPCR agonists and antagonists, important drug
compounds affecting diseases with large unmet needs.
Formed by Dr. Ming-Chu Hsu, formerly Research Director for Oncology and Virology at
Hoffman-La Roche and most recently Director for Biotechnology and Pharmaceutical
Research at the National Health Research Institutes of Taiwan, TaiGen is an
oncology/immunology company originating out of Taiwan. The company is pursuing both
small molecule drug discovery, using Arena Pharmaceutical's CART-activated GPCR
platform, as well as drug development through in-licensing of promising drug candidates.
TaiGen plans to locate its research facilities in Nei-Hu, Taipei, the center of many local
research institutes. Key scientists, who previously worked under Dr. Ming-Chu Hsu's
direction at the National Health Research Institutes in Taiwan, will join TaiGen in the first
year.
Dr. Michael Steinmetz, a General Partner of MPM Capital L.P., will join the TaiGen Board
of Directors. ``We are extremely excited to be building one of the leading biotechnology
companies in Taiwan and Asia. We are not only backing exceptional management and
scientists but feel we are adding a great deal of value by helping transfer and develop critical
GPCR technology from one of our premier portfolio companies to this endeavor. We look
forward to nurturing strong relationships with the research and investor base in Taiwan as
well as working closely with the Taiwanese government to make TaiGen successful.'' Dr.
Steinmetz said.
TaiGen's President and Chief Executive Officer, Dr. Ming-Chu Hsu, stated, ``TaiGen has attracted one of the most exciting
drug discovery technologies as its platform going forward. In addition, the company has attracted top tier local investors as well
as foreign investors like MPM Capital. The formation and successful financing of TaiGen signifies the beginning of a new phase
of biotechnology development in Taiwan. I am looking forward to working with the investors, the research and development
team to building a world-class pharmaceutical company in Taiwan.''
Jack Lief, Arena Pharmaceutical's President and CEO, said, ``We believe that Arena's scientific and business relationship with
TaiGen, based upon Arena's CART Technology and Melanophore Technology, will provide the foundation for a mutually
rewarding collaboration. Owing to a very positive round of financing lead by MPM, an excellent management and scientific
team, and access to Arena's drug discovery technologies, we anticipate that TaiGen will be able to successfully accelerate their
drug discovery efforts in the areas of oncology and immunology.''
MPM Capital L.P. is a global asset management firm focused solely on health care investing from early stage start-ups to large
capitalization public companies. Headquartered in Cambridge, Massachusetts, MPM Capital has offices in South San
Francisco, California and Munich, Germany. MPM's current portfolio consists of biopharmaceutical and medical devices
companies and encompasses platform technology as well as product plays. The firm manages over $1 billion in assets under
management through $800 million in venture capital funds and expects to manage $500 million in MPM BioEquities, a fund
raised to invest in public health care companies. These combined funds make MPM Capital one of the largest asset
management firms dedicated to the life sciences sector.
Contact:
MPM Capital L.P.
Dr. Michael Steinmetz
617-225-7054 extension 228
msteinmetz@mpmcapital.com |
