Xcovery has now raised $26m in total, having secured $6m two years ago.
Xcovery, a US-based developer of cancer therapeutics, has raised $20m in series C funding from China-based peer Betta Pharmaceuticals Company in its first deal with an American company.
In addition to the equity investment in Xcovery, Betta will gain Chinese rights to X-396, an anaplastic lymphoma kinase (ALK) inhibitor currently in a Phase 1-2 trials.
Founded by overseas returnee doctors in 2003, Betta has developed and commercialised a treatment for non-small cell lung cancer called Icotinib in China.
Xcovery raised $6m in its series B round in September 2012, receiving the cash from high net worth individuals and family offices with an interest in venture philanthropy.
