Financing co-led by TCGX and ARCH Venture Partners with participation from a syndicate of premier healthcare-focused institutional investors
Proceeds will support global Phase 3 trials of IBI324 (Ollin R&D code: OLN324), a potential best-in-class VEGF/Ang2 bispecific antibody, in $15 billion retina market addressing leading causes of vision loss
OLN324 demonstrated faster and greater retinal drying and numerically greater vision gains versus Vabysmo® in a randomized head-to-head proof of concept JADE clinical trial, as reported earlier this year
SAN FRANCISCO and SUZHOU, China, June 24, 2026 — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures, and commercializes high-quality medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, ophthalmology and other major disease areas, today announced that the company’s partner Ollin has completed an oversubscribed $330 million Series B financing. The financing round was co-led by new investor TCGX and founding investor ARCH Venture Partners, with participation from a syndicate of leading healthcare-focused crossover investors, sovereign wealth funds, and other institutional investors new to Ollin, including a16z Bio+Health, Blackstone Multi-Asset Investing, Commodore Capital, Canada Pension Plan Investment Board (CPP Investments), RA Capital Management, accounts advised by T. Rowe Price Investment Management, Inc., and a leading sovereign wealth fund, alongside continued investment from co-founding investors Mubadala Capital and Monograph Capital.
Proceeds from the Series B financing will support global Phase 3 development of OLN324, a next-generation VEGF/Ang2 bispecific antibody, in DME and wet AMD, as well as the advancement of another drug candidate into clinical development this year.
In the recently completed 164-patient, head-to-head, randomized, proof-of-concept JADE clinical study comparing OLN324 to faricimab (Vabysmo®), OLN324 demonstrated meaningfully faster and greater improvements in retinal anatomy versus faricimab, in both DME and wAMD, as well as numerically greater vision gains.
Ollin has completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) and has received scientific advice from the European Medicines Agency (EMA) on the Phase 3 program, and plans to initiate global Phase 3 trials of OLN324 in DME and wAMD in the second half of 2026. And through partnership with Innovent, the global Phase 3 trials will plan to include China and South Korea.
“We founded Ollin to challenge the status quo in ophthalmology. We are delighted to welcome a premier syndicate of new and existing investors who share our vision of advancing OLN324 as a potential new standard of care in retinal vascular disease. Their support reflects confidence in the strength of our scientific rationale and clinical data, the significant commercial opportunity in DME and wAMD, and the differentiated clinical profile we believe OLN324 can offer physicians and patients,” said Jason Ehrlich, M.D., Ph.D., Co-founder and Chief Executive Officer of Ollin Biosciences. “Following positive randomized clinical data and constructive feedback from both FDA and EMA, we believe OLN324 is well positioned to enter global Phase 3 development. This financing provides the resources to execute a registrational program designed to maximize the clinical and commercial potential of OLN324 while positioning Ollin for its next phase of growth as a company.”
“We are very pleased to see our partner Ollin complete this round of financing, which underscores the confidence of leading global investors in the differentiated clinical profile of IBI324 (OLN324) and its potential to become a best-in-class therapy for retinal vascular diseases,” said Dr. Lei Qian, M.D., Ph.D., Chief R&D Officer of General Biomedicine at Innovent Biologics. “As a partner and investor, we look forward to continuing our close collaboration with Ollin and, following discussions with regulatory authorities, to accelerate the global Phase 3 clinical development of IBI324 (OLN324), and to bring this promising therapy to patients worldwide.”
About IBI324 (OLN324)
Building on the clinical success of intravitreal VEGF/Ang2 inhibition, IBI324 (OLN324) is discovered by Innovent Biologics and in collaboration with Ollin Biosciences, as a next-generation VEGF/Ang2 bispecific antibody engineered with substantially higher Ang2 potency relative to faricimab, increased molar dosing relative to both faricimab and aflibercept (including Eylea HD®), and a smaller protein format. VEGF and Ang2 are central drivers of retinal vascular diseases such as diabetic macular edema (DME) and wet (neovascular) age-related macular degeneration (wAMD), with Ang2 playing a key role in vascular instability, leakage, inflammation, and fibrosis. In the recently completed head-to-head Phase 1b JADE clinical study comparing OLN324 to faricimab (Vabysmo®), OLN324 demonstrated meaningfully faster and greater anatomic outcomes in both DME and wAMD versus faricimab as well as numerically greater vision gains. Ollin plans to initiate global Phase 3 trials of OLN324 in DME and wAMD in the second half of 2026. And through partnership with Innovent, the global Phase 3 trials will plan to include China and South Korea.
About Innovent
Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 18 products in the market. It has 1 asset under NMPA review, 5 assets in Phase 3 or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Lilly, Roche, Takeda, Pfizer, Sanofi, Incyte and MD Anderson Cancer Center.
Guided by the motto, “Start with Integrity, Succeed through Action” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.
Disclaimer: Innovent does not recommend any off-label usage.
Vabysmo® is a registered trademark of Genentech, Inc.; Eylea® and Eylea HD® are registered trademarks of Regeneron Pharmaceuticals, Inc.
About Ollin Biosciences
Established in 2023, Ollin Biosciences™ is a clinical-stage biopharmaceutical company dedicated to acquiring and developing best-in-disease therapies for vision-threatening diseases. With a differentiated pipeline, world-class team, and strong investor syndicate, Ollin is redefining what’s possible in ophthalmology. For more information, please visit www.ollin.bio and follow Olllin on LinkedIn and X.
Forward-looking statement
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SOURCE Innovent Biologics
