There’s a new biopharmaceutical company in town, specifically, in Newtown Square, writes John George for the Philadelphia Business Journal.

ArriVent Biopharma of Newtown Square launched June 30. It’s backed by Series A financing that could provide up to $150 million.

It received $90 million upfront in a private stock sale led by Hillhouse Capital Group.

The company has its first licensing agreement, with Shanghai-based Allist pharma. The agreement gives ArriVent development, manufacturing and commercialization rights outside China to the medicine furmonertinib.

The drug has received regulatory approval in China.

It’s a treatment for patients with locally advanced or metastatic non-small-cell lung cancer who have a certain genetic mutation.

“Our strategy focuses on identifying compounds, such as furmonertinib, that have been validated through rigorous discovery and development processes in China and other emerging biotech hubs to help bridge these global biopharma innovations to the United States, European Union and beyond,” said Bing Yan, chairman, co-founder and CEO of ArriVent.

ArriVent will file an investigational new drug application with the Food and Drug Administration to further develop furmonertnib for non-small-cell lung cancer and possibly other tumors, by the end of the year.

Read more at Philadelphia Business Journal about a new biopharmaceutical company in Delaware County.