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Week in Review: WuXi Biologics Signs LOI for $3 Billion Vaccine Contract

publication date: May 25, 2019
 | 
author/source: Richard Daverman, PhD

Deals and Financings

WuXi Biologics (HK: 2269) has entered into a Letter of Intent with an unnamed vaccine company to form a strategic partnership calling for WuXi Vaccines to build a dedicated manufacturing facility that will supply the partner's vaccines for global markets (see story). WuXi Vaccines, a JV formed by WuXi Biologics and Shanghai-based Hile Bio-Technology (SHA: 603718), estimates the value of the 20-year manufacturing contract will be over $3 billion. WuXi Vaccines expects its CDMO model will enable companies to develop and manufacture vaccines globally.

Mabpharm, a Taizhou company developing novel drugs and biosimilars for cancers and autoimmune diseases, set the range of its upcoming Hong Kong IPO at between HK$1.50 and HK$1.95 per share (see story). At the midpoint of the range, Mabpharm will raise US$172.2 million at a US$906.4 million valuation. Mabpharm was the 11th pre-revenue biotech to file for a Hong Kong IPO. It is in line to be the ninth to complete the transaction. Mabpharm is developing a portfolio of nine biosimilars, which it hopes will prove to be biobetters.

Shanghai Allist Pharma raised $174 million to expand its drug portfolio in a fundraising led by Shiyu Capital, a China healthcare-focused private equity firm (see story). The round was the first for Allist. Founded in 2005, Allist has a portfolio of drugs for cardiovascular and gastric diseases, many of which include unique delivery technologies. Allist is also developing oncology products including a marketed nanopaclitaxel drug and two pipeline products, a HER-2 targeting agent and an EFGR candidate. The funding will be used for commercialization of new products, new drug research and foreign cooperation.

Joinn Laboratories (SHA: 603127) of Beijing, a CRO, will pay $27.3 million to acquire the pre-clinical CRO business of Boston-area Biomere, formerly known as Biomedical Research Models (see story). Biomere claims particular expertise in animal models. Joinn said the US acquisition will create synergies with its China business and give the company a foothold in Boston, allowing it to access multinational pharmas. Joinn, which will close the transaction after Biomere divests its money-losing vaccine business, plans to form a special purchase vehicle in the US to complete the cash transaction.

Trials and Approvals

Suzhou's CStone Pharma (HK: 2616) announced its in-licensed product, Tibsovo (ivosidenib), produced a substantial improvement in progression-free survival in previously treated patients with cholangiocarcinoma (see story). The results came from a US Phase III trial of Tibsovo conducted by Agios (NSDQ: AGIO), a Boston area pharma and CStone's partner. In June 2018, CStone acquired greater China rights to Tibsovo from Agios in a deal worth up to $424 million. Tibsovo is already approved in the US to treat acute myeloid leukemia (AML).

Xynomic Pharma (NSDQ: XYN), a Raleigh-Shanghai oncology company, presented positive data from exceptional responders in a long-term follow-up of its lead drug abexinostat (ABX) plus pazopanib (see story). Xynomic says data from the Phase Ib trial show that (1) durable responses with ABX + PAZ are achievable, even in patients with PAZ- and VEGF-refractory RCC and other solid tumor malignancies, and (2) host factors including HDAC expression and acetylation status may identify the patients most likely to benefit from the combination therapy.

Exuma Biopharma, a German-China company, announced early positive results from a China Phase I trial of two CAR-T candidates in patients with solid tumor cancers (see story). The trial, which enrolled subjects with advanced renal cell carcinomas, tested two conditionally active CAR-T products, CCT301-38 (AXL) and CCT301-59 (ROR2). Exuma said the products are the first CABs to be tested in humans. Both CABs turn the growth inhibitory acidic tumor microenvironment into one activating signal, followed by the activation of the target antigen (AXL or ROR2).

Sandoz, the generic drug arm of Novartis (NYSE: NVS), was approved to market the statin Crestor (rosuvastatin) in China using the NMPA's new Quality Consistency Evaluation rules (see story). The QCE rules require a company to prove bioequivalence to international standard drugs, instead of national standard drugs. China has declared all drugs approved after 2007 will have to comply with the QCE rules or lose their marketing licenses. The Crestor approval was the first OCE completed by a multinational pharma, Sandoz said. The company vowed to submit other generics for China approvals.

Disclosure: none. 


 

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