DOMESTIC mRNA vaccine developer Suzhou Abogen Biosciences is in talks with Japan’s SoftBank and other investors to raise US$300-US$400 million, people familiar with the matter said.

The fundraising by Suzhou Abogen is in its final stages, although the sum may change, according to two people who declined to be named because the information is not public yet.

It is not immediately clear how much SoftBank plans to invest, but a third person said the Japanese investment firm plans to lead the latest funding round.

The Suzhou-based firm, which raised more than US$700 million in August from investors including Singapore’s state investor Temasek Holdings and Hillhouse-backed GL Ventures, targeted a valuation of about 20 billion yuan (US$3.1 billion) prior to the current fundraising.

Suzhou Abogen is jointly developing a COVID-19 vaccine using mRNA technology with a research institute affiliated with the Chinese military and Walvax Biotechnology.

The potential vaccine has obtained approvals to begin phase III clinical trials in Nepal, Mexico and Indonesia and is in the most advanced stage of clinical development among mRNA vaccine candidates that China is researching. (SD-Agencies)