BRIEF—Abbisko raises $42 million in series B round

Shanghai-based Abbisko Therapeutics has raised $42 million in a series B financing round, led by local investors Qiming Venture Partners, with money also from Lilly Asia Ventures and others.

The firm says it will use the money to kick off Phase I trials of lead candidates ABSK011 and ABSK021, small molecule inhibitors which the firm is developing as potential treatments for liver cancer and solid tumors.

Abbisko is focusing initially on developing drugs for unmet medical need in China, including liver cancer.