New Startup R1 Therapeutics, Backed by Dialysis Giants, Launches with $77.5M to Advance Novel Kidney Drug

SHANGHAI and CAMBRIDGE, MA – March 17, 2026 – A new biotechnology company, R1 Therapeutics, has launched with an oversubscribed $77.5 million Series A financing and a clear mission: to transform the treatment of a debilitating complication of chronic kidney disease. In a significant international collaboration, R1 has licensed exclusive global rights (outside Greater China) for a promising new drug, AP306, from Shanghai-based Alebund Pharmaceuticals.

The deal is notable not just for its size but for its strategic backers. R1 is supported by a syndicate of top-tier life sciences investors co-led by Abingworth, F-Prime, and, critically, DaVita Venture Group—the venture arm of one of the world's largest kidney care providers. U.S. Renal Care, the largest privately held dialysis provider in the United States, also participated, signaling a powerful alliance between drug developers and the very providers who treat the target patient population.

This partnership aims to accelerate the development of AP306, a first-in-class therapy for hyperphosphatemia—dangerously high phosphate levels in the blood—that affects the vast majority of the four million patients worldwide who rely on dialysis.

A New Mechanism for a Persistent Problem

For decades, managing hyperphosphatemia has been a frustrating challenge for both patients and clinicians. When failing kidneys can no longer filter phosphate from the blood, the mineral accumulates, leading to severe bone disease, cardiovascular complications, and increased mortality. The standard of care involves a punishing regimen of phosphate binders, pills that must be taken with every meal to bind to dietary phosphate in the gut.

This approach is notoriously burdensome. Dialysis patients already face a median pill intake of 19 per day, with binders often accounting for half of that load. Unsurprisingly, adherence is poor, with some studies showing non-adherence rates as high as 78%. Consequently, more than 40% of U.S. dialysis patients fail to meet target phosphate levels.

AP306 aims to break this cycle with a fundamentally new mechanism. Instead of passively binding phosphate, it is a pan-phosphate transporter inhibitor. It works by blocking three key channels (NaPi-IIb, PiT-1, and PiT-2) in the gastrointestinal tract that are responsible for the active transport of phosphorus into the body.

"AP306 represents a new mechanistic approach - blocking the active transport of phosphorus rather than relying on traditional phosphate binding," said Krishna Polu, M.D., Co-Founder, President, and CEO of R1 Therapeutics.

Early clinical data suggests this approach is highly effective. In a Phase 2a study published in Kidney International Reports, AP306 demonstrated a significant reduction in serum phosphate levels and was well-tolerated. This success has paved the way for the next stage of development, which R1 will now lead.

A Strategic Alliance to Reshape Kidney Care

The formation of R1 Therapeutics represents a novel and powerful model for drug development. By bringing together venture capital, a specialized biotech (Alebund), and the largest kidney care providers in the U.S., the alliance creates an integrated ecosystem designed to fast-track a solution to a known, persistent problem.

For DaVita and U.S. Renal Care, the investment is more than financial; it's a strategic move to improve outcomes for their hundreds of thousands of patients. Their involvement provides R1 with invaluable clinical insights, patient access, and a clear path to market adoption should AP306 prove successful in later-stage trials.

The financial terms of the agreement reflect a shared belief in the drug's potential. Alebund will receive up to low triple-digit millions of U.S. dollars in development, regulatory, and commercial milestone payments. The company is also entitled to tiered royalties in the low double-digit percentage range on net sales and, significantly, holds a substantial non-dilutive equity interest in R1. This structure allows Alebund to focus on its home market in Greater China while retaining significant financial upside from AP306's global success.

Gavin Xia, Ph.D., Co-Founder and CEO of Alebund Pharmaceuticals, commented on the strategic value of the partnership. "This collaboration validates the global potential of AP306 and represents an important milestone for Alebund. By partnering with R1, global kidney care providers, and financial investors, we can accelerate AP306's global development."

The Path Forward for a Global Therapy

While the launch of R1 and the licensing of AP306 is a major step, the journey to bring a new therapy to patients is long. The immediate focus for the new partnership is advancing the drug into the next critical phase of clinical testing.

R1 will fund and lead a global Phase 2b multi-regional clinical trial, planned to begin later this year in both the United States and China, with Alebund serving as a collaborative development partner. This joint effort is designed to generate robust data to support future regulatory filings worldwide.

For Alebund, this deal is a key part of a broader strategy. The company boasts one of the most comprehensive pipelines in the renal space, with seven drug candidates targeting a range of kidney-related conditions, including its own best-in-class oral phosphate binder, AP301, which recently reported positive Phase 3 results. The partnership with R1 allows Alebund to monetize a key asset for global markets while continuing to build its vertically integrated platform for R&D, manufacturing, and commercialization within China.

With strong financial backing, a novel scientific approach, and a powerful strategic alliance, the teams at R1 and Alebund are poised to challenge the long-standing status quo in hyperphosphatemia management. For the millions of kidney disease patients worldwide, this collaboration represents a new and promising front in the fight for better health and quality of life.