Tasly Pharma has led a series E round for PegBio, which is working on drugs to treat diabetes and obesity, and which is also backed by Legend Holdings.

China-based biopharmaceutical company PegBio has secured $20m in a series E round led by Tasly Pharma, a subsidiary of pharmaceutical firm Tasly Holding Group, China Money Network reported on Monday.

PegBio is developing therapies for diabetes and obesity, and its lead candidate, PB-19, allows diabetes patients to take medicine once a week rather than through daily injections.

PB-19 has so far undergone four phase 1 clinical trials in China and the US. PegBio is also working on PB-718, a drug…