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Week in Review: Hua Medicine Approved for $200 Million Hong Kong IPO
Deals and Financings
Hua Medicine, a
China Resources Pharma (HK: 3320) will pay $667 million to acquire all the outstanding shares of Jiangzhong Pharma (SHA: 600750, a listed company (see story). Three weeks ago, CR Pharma announced plans to acquire a stake in the parent company, Jiangzhong Group, for $613 million, which will, when added to its current holdings, give CR Pharma majority control of Jiangzhong Group. Jiangzhong Group, the parent, owns a 43% stake in Jiangzhong Pharma. All together, CR Pharma will pay nearly $1.3 billion for a controlling stake in the parent and about 80% ownership of the listed subsidiary.
CStone Pharma of
Quantum Surgical, a French company building new minimally invasive surgical tools for cancer, completed an initial investment from Ally Bridge Group, a China-centered healthcare investor (see story). Quantum said the investment is the first part of a $50 million Series A round. The company is developing a robotic platform to improve physicians' ability to assess, plan and treat a broad spectrum of medical conditions, especially early-stage cancer. Lifetech Scientific (HK: 1302), a
Hangzhou Just Biotherapeutics completed a $35 million Series B+ round to develop its global antibody and recombinant protein biologic drug portfolio (see story). The funding is in addition to the $57 million B round announced last year. Formed as a JV with Just Bio of Seattle, Hangzhou Just is led by industry veterans who want to optimize development and manufacturing of biologic drugs, making the products more affordable. Hillhouse Capital of
Oncologie, a Boston-Shanghai startup, launched operations with $16.5 million in a seed financing led by Pivotal bioVenture Partners China (see story). Oncologie plans to improve cancer care by licensing and partnering innovative combination drugs that improve the efficacy of immune checkpoint inhibitors. It has already made deals for two clinical-stage drug candidates. Oncologie will take advantage of
Denovo, a San Diego-Beijing precision medicine company, announced an unusual global license with the Stanford University School of Medicine to develop Denovo's own lead oncology drug for pulmonary arterial hypertension (PAH) and emphysema (see story). Denovo is already testing enzastaurin (DB102) in a Phase III trial for lymphoma. Stanford researchers discovered that enzastaurin is effective against pulmonary hypertension in preclinical models, operating on a different (and previously unknown) target than it does for cancer. Details of the agreement were not disclosed.
Harbour BioMed formed a strategic collaboration with
Xiangxue Pharma (XPH) (SHE: 300147) announced plans to build a cell-therapy production facility in Guangzhou using GE Healthcare's prefabricated FlexFactory™ technology (see story). The company will offer CDMO manufacturing services to other pharmas. Although known mainly for its TCM products, XPH has a subsidiary, Xiangxue Life Sciences (XLifeSc), that provides technology to develop T cell receptor products. GE said the XPH factory, which will be operational in March 2019, is the first use of its prefab factory for T Cell products.
Trials and Approvals
Nanjing Frontier Biotech received CFDA approval for
- China Resources Pharma will pay $667 million to acquire all the outstanding shares of Jiangzhong Pharma, which will follow its $613 million acquisition of a majority share of Jiangzhong Group, the parent company;