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The Week in Review: Tigermed, clinical CRO, Plans IPO - FLASH: Pricing set
Tigermed Consulting, the clinical stage CRO headquartered in Hangzhou, will stage an IPO on the ChiNext exchange (see story). The company will offer 13.4 million A shares, which will constitute 25% of the company's expanded share base. FLASH: Company executives tell us that pricing has been set at 37.8 RMB, which should raise about 500 million RMB ($80 million). This was near the top of the pricing range, and sources say the offering is more than 80 times oversubscribed.
Covidien (NYSE: COV), a global company that makes medical devices and other healthcare products, officially opened its China Technology Center R&D facility in Shanghai’s Caohejing Hi-Tech Park (see story). Over a three-year period, Covidien will invest $45 million into the CTC, which will eventually employ over 300 people. The CTC contains 17 laboratories in its 100,000 square feet of floor space, and its state-of-the-art simulation sites will actively involve healthcare professionals in the design and development of medical devices.
Luqa Pharmaceuticals, a Hong Kong company that specializes in dermatology products, has in-licensed exclusive China rights to scar treatment Strataderm® from Stratpharma AG of Switzerland (see story). Strataderm has already been approved by the SFDA; Luqa plans to begin marketing the drug to hospital and retail accounts in Q4 of 2012.
Kinex Pharmaceuticals, a New York-state startup, received a “substantial” investment from Dr. Manson Fok, who is the Founder of the Pedder Clinic, one of the largest private medical practices in Hong Kong (see story). Dr. Fok will serve as an advisor to Kinex on its China strategy. Kinex has developed a proprietary platform to discover new molecules for cancer and immune-modulatory diseases. So far, Kinex has licensed China rights for two prospective cancer drugs to China companies.
Barclays Bank has raised its rating for the China healthcare sector, moving to Positive (see story). Six months ago, Barclays gave the sector a Negative rating. In fact, Jason Mann, MD, PhD, who is responsible for Barclays’ coverage of China‘s healthcare companies, titled his latest report “Clearer Skies Ahead." Dr. Mann based his improving outlook in part on a survey, conducted by ChinaBio®, showing that industry insiders have grown more optimistic about the future for their sector over the last six months.
Roche (VX: ROG) will hire an additional 1,000 people in China over the next year, bringing its China total to more than 6,000, according to Severin Schwan, CEO of the Swiss biopharma (see story). A few years ago, the company employed only a “few hundred,” said Schwan. The reason behind the increased staffing is rising sales: during the first half of 2012, Roche’s pharma revenues in China climbed 28% from the year earlier, while its diagnostics division posted an even larger 32% rise.