Deals and Financings

China Resources Pharma, China's second largest drugmaker, has been approved to stage its IPO on the Hong Kong Exchange, according to reliable, though not official sources (see story). The offering will raise as much as $2 billion, up from earlier estimates of $1 billion to $1.5 billion. Because Hong Kong requires IPO companies to list at least 25% of their shares, the offering terms imply a valuation of $8 billion for CR Pharma. CR Pharma, a unit of state-owned conglomerate China Holdings, already has two subsidiaries that are listed on China exchanges. 

iHealth, a US subsidiary of Tianjin's Andon Group (SZE: 2432), paid $106 million to acquire eDevice of Bordeaux, France (see story). Both companies offer mobile health monitoring devices. eDevice uses its proprietary technology to connect patients with large medtech companies and healthcare organizations. iHealth, headquartered in Mountain View, California, offers basic healthcare monitoring devices and an iOS smartphone app to keep patients connected. Two years ago, iHealth raised $25 million from Xiaomi Ventures, a China electronics company. 

WuXi AppTec, China's largest CRO/CMO, announced a strategic collaboration with AutoGenomics, a San Diego-area molecular diagnostic company (see story). WuXi's Laboratory Testing Division will own China rights to manufacture and distribute AutoGenomics' INFINITI® molecular diagnostic systems, a microarray platform with 65 clinical tests currently. WuXi is making a concerted effort to become a major player in China's diagnostic sector, initially as a clinical service provider and now it has added device manufacturer. 

PharmaLegacy Labs, a Shanghai pre-clinical CRO, recently formed a strategic alliance with Pasadena's BioVinc (see story). Both companies have expertise in musculoskeletal drug development. BioVinc has developed a bone targeting platform based on its bisphosphonate research. It sells off-the-shelf and custom probes for bone disease, while also developing its own innovative drugs. PharmaLegacy offers CRO services in a number of areas, including bone/orthopedics. 

Company News

DeltaHealth has opened its first cardiovascular hospital in Shanghai, the first of a chain it plans to build in China (see story). The hospital, which worked with Columbia HeartSource to develop procedures, is backed by Eight Roads Ventures China, the investment arm of Fidelity International. DeltaHealth first opened an outpatient clinic in Hongqiao, Shanghai in 2013. In its first phase, the new hospital has 202 beds; it plans to raise that number to 350 when the hospital is completely built out. 

BioDuro, a Beijing-Shanghai-San Diego CRO/CMO, has completed the expansion of its Shanghai CRO facility, with additional space devoted to its biology lab and room for 100 additional scientists (see story). BioDuro's original Beijing lab remains the company's largest facility. In 2012, BioDuro was acquired by PPD. Last year, the company was bought by Bridgewest Group, which is led by Masood Tayebi, PhD, one of the original BioDuro founders. BioDuro was then merged with San Diego's Formex, a CMO also owned by Bridgewest. 

Disclosure: none.