Newco Hengrui Therapeutics Inc. (Princeton, N.J.) said it received a $100 million investment from HR Bio Holdings Ltd., a JV between Jiangsu Hengrui Medicine Co. Ltd. (Shanghai:600276) and an undisclosed investment firm.Hengrui Therapeutics CEO Adam Zong told BioCentury that while the U.S.-based newco obtained rights to its three assets from Jiangsu Hengrui, it will operate independently from the Chinese company, and may grow its own pipeline through internal R&D or new partnerships. He said Hengrui Therapeutics will conduct trials in the U.S. and EU.Zong said Jiangsu Hengrui will retain China rights to all three assets. The newco's lead candidate is pyrotinib (HTI-1001), a dual EGFR/HER2 tyrosine kinase inhibitor. It is in a U.S. Phase I trial to treat patients with solid tumors whose disease has progressed following treatment with a HER2-targeted therapy. It is also in six Chinese clinical trials, including a Phase I/II study.Hengrui Therapeutics also plans to submit IND applications in 2H16 for two oncology candidates: HTI-1403, an antibody-drug conjugate comprising a receptor tyrosine kinase antibody conjugated to a toxin; and HTI-1316, a humanized mAb against PD-L1.Zong said he hoped the investment will allow the start-up to obtain clinical proof-of-concept data for all three compounds, and perhaps to begin a pivotal trial of one, within two years.The newco's board includes Jiangsu Hengrui VP and President of Global R&D Lianshan Zhang and Chairman Piaoyang Sun.