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Week in Review: Suzhou Innovent Files for HK IPO -- $500 Million Raise Rumored
Deals and Financings
Innovent Biologics of
Bain Capital Private Equity will acquire DSM Sinochem Pharmaceuticals (DSP) for nearly $700 million (see story). DSP, headquartered in
China Grand Enterprises, an investment firm, together with its affiliate Huadong Medicine (SHZ: 000963) are in early stage talks to acquire Sinclair Pharma (L: SPH), a
LinkDoc Technology, a
Athenex (NSDQ: ATNX), a US-China biopharma, announced two deals for China-developed drug candidates: it formed a $145 million JV with Xiangxue Life Sciences to develop T-cell receptor-engineered T cell (TCR-T) molecules for cancer, and it acquired global rights to a pegylated genetically modified human arginase from Avalon PolyTom of Hong Kong (see story). In addition, Athenex announced a $100 million investment from Perceptive Advisors of the
Sinovac Biotech (NSDQ: SVA), a
Two young Boston-area biotechs have filed with the Hong Kong Exchange to conduct IPOs on the exchange, taking advantage of the new rules allowing pre-revenue companies to list and seeking the high valuations
Two China companies, Hybio Pharma (SHZ: 300199) and Yunfeng Capital, acquired AMW GmbH, the owner of Endomedica, a privately held German company that specializes in transdermal patch products and long-acting biodegradable drug implants (see story). The new owners promised to invest new capital into AMW to develop new products and internationalize the company. Yunfeng Capital, a private equity firm, was started by Alibaba's (NYSE: BABA) Jack Ma. The selling price was not disclosed.
Suzhou Kintor Pharma announced a global partnership with Predicine, a US-China diagnostics company, using Predicine's GeneRADAR, a ctRNA + ctDNA liquid biopsy (see story). Predicine will develop biomarkers for Kintor's oncology drugs. Over the past two years, Kintor and Predicine have formed multiple collaborations to support China-US Phase I-III clinical trials of Kintor's lead candidate, proxalutamide, as a treatment for prostate and breast cancer. Predicine says GeneRADAR is the first liquid biopsy to test both circulating RNA and DNA. Terms of the agreement were not disclosed.
Company News
Sanofi (NYSE: SNY) launched a $77 million Global R&D Operations Hub in
Disclosure: none.
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