Hillhouse Capital-backed GL Ventures, a venture capital investment company, led a $156m Series C funding round in DAC Biotech, a company focused on focused on developing conjugates of cancer cell-recognizing monoclonal antibodies and small molecular cytotoxic drugs with smart linkers. Additional investors include CITIC Private Equity Funds Management, CDG Capital, CITIC Securities, TigerYeah Capital, and K.Wah Group. DAC Biotech will continue to engage in the R&D and commercialisation of antibody-drug conjugates. DAC Biotech has specialised in developing ADC and small molecular cytotoxic drugs used in the treatment of cancer. It has rolled out 24 pipelines and three of its drug candidates are in clinical trials.