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The Week in Review: US-based SciClone Buys NovaMed of Shanghai
publication date: Apr 23, 2011
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author/source: Richard Daverman, PhD
Transactions
SciClone Pharma (NSDQ: SCLN) of California acquired Shanghai-based NovaMed Pharma for a price as high as $105 million (see story). Both companies are engaged in the registration and distribution of western pharmaceuticals in China. Before the transaction, SciClone issued guidance for 2011 revenues of $100-$103 million. Now, the company expects pro forma revenues to reach $140-$145 million.
Jiangbo Pharma (NSDQ: JGBO) said its China affiliate, Laiyang Jiangbo Pharma, signed a LOI to acquire Shandong Xinkangqi Medical Company, a wholesale drug distributor operating in Shandong Province (see story). The price will be determined after Jiangbo completes its due diligence. In addition, Jiangbo said it expects its $136 million of cash reserves for more M&A in China’s drug distribution sector. Jiangbo is already very profitable: the company reported net income of $44 million on $106 million of revenue for the most recent 12 months.
Morningside Ventures, the Hong Kong venture capital company, participated in the $19.25 million second funding round of Aduro BioTech of Berkeley, California (see story). Aduro uses listeria bacteria as the basis for new vaccines, which it is developing to fight cancer and infectious diseases. Morningside's portfolio of life science investments numbers 36 companies, including ten ventures that are headquartered or have some of their operations in China (one of them in Hong Kong).
Neuralstem (AMEX: CUR) will set up a partnership with BaYi Brain Hospital in Beijing, China to obtain SFDA approval for clinical trials of Neuralstem-prepared stem cells as a treatment of motor deficits due to ischemic stroke (see story). If the trial is approved, Neuralstem will sponsor the trial, which will be carried out at BaYi Brain Hospital. In the US, Neuralstem’s technology is in a Phase I clinical trial for amyotrophic lateral sclerosis (Lou Gehrig's disease).
Kinex Pharma of the US out-licensed China rights for its lead molecule, KX01, to Hanmi Pharma of South Korea (see story). KX01 has completed a Phase I trial for end-stage cancer in the US, where it showed a clinical response in 25% of the patients. Hanmi has rights to KX01 in China and other selected Asian countries for all oncology indications.
Big Pharma in China
Shanghai Pharma (SHA: 601607) and Pfizer (NYSE: PFE) signed a MOU to explore a broad range of mutual projects in China (see story). The immediate goal is to give Shanghai Pharma the responsibility for registering and marketing an unspecified innovative Pfizer drug. But the MOU envisions deepening the relationship between the two companies, including possible equity investments.
Disclosure: none.
SciClone Pharma (NSDQ: SCLN) of California acquired Shanghai-based NovaMed Pharma for a price as high as $105 million (see story). Both companies are engaged in the registration and distribution of western pharmaceuticals in China. Before the transaction, SciClone issued guidance for 2011 revenues of $100-$103 million. Now, the company expects pro forma revenues to reach $140-$145 million.
Jiangbo Pharma (NSDQ: JGBO) said its China affiliate, Laiyang Jiangbo Pharma, signed a LOI to acquire Shandong Xinkangqi Medical Company, a wholesale drug distributor operating in Shandong Province (see story). The price will be determined after Jiangbo completes its due diligence. In addition, Jiangbo said it expects its $136 million of cash reserves for more M&A in China’s drug distribution sector. Jiangbo is already very profitable: the company reported net income of $44 million on $106 million of revenue for the most recent 12 months.
Morningside Ventures, the Hong Kong venture capital company, participated in the $19.25 million second funding round of Aduro BioTech of Berkeley, California (see story). Aduro uses listeria bacteria as the basis for new vaccines, which it is developing to fight cancer and infectious diseases. Morningside's portfolio of life science investments numbers 36 companies, including ten ventures that are headquartered or have some of their operations in China (one of them in Hong Kong).
Neuralstem (AMEX: CUR) will set up a partnership with BaYi Brain Hospital in Beijing, China to obtain SFDA approval for clinical trials of Neuralstem-prepared stem cells as a treatment of motor deficits due to ischemic stroke (see story). If the trial is approved, Neuralstem will sponsor the trial, which will be carried out at BaYi Brain Hospital. In the US, Neuralstem’s technology is in a Phase I clinical trial for amyotrophic lateral sclerosis (Lou Gehrig's disease).
Kinex Pharma of the US out-licensed China rights for its lead molecule, KX01, to Hanmi Pharma of South Korea (see story). KX01 has completed a Phase I trial for end-stage cancer in the US, where it showed a clinical response in 25% of the patients. Hanmi has rights to KX01 in China and other selected Asian countries for all oncology indications.
Big Pharma in China
Shanghai Pharma (SHA: 601607) and Pfizer (NYSE: PFE) signed a MOU to explore a broad range of mutual projects in China (see story). The immediate goal is to give Shanghai Pharma the responsibility for registering and marketing an unspecified innovative Pfizer drug. But the MOU envisions deepening the relationship between the two companies, including possible equity investments.
Disclosure: none.
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