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Week in Review: BeiGene Plans $2.5 Billion IPO on Shanghai Star Exchange
Deals and Financings
BeiGene (NSDQ: BGNE; HK: 06160) is planning an IPO on the Shanghai Star Exchange that could raise up to $2.5 billion (see story). The
Shanghai Antengene (HK: 6996), a three-year old oncology company, completed a $340 million IPO in
RecBio, a Taizhou company that makes genetically engineered biotech vaccines for major diseases, completed a $227 million Series B round (see story). Founded in 2012, the company is developing recombinant vaccines for human papillomavirus (HPV), zoster, tuberculosis and COVID. RecBio will use the proceeds to build a production base and to conduct clinic tests of its 9-valent HPV vaccine and recombinant COVID vaccine. The funding was led by Legend Capital and Lyfe Capital.
D3 Bio, a
Shanghai Newsoara Biopharma announced a 5-year strategic partnership with Singapore's AUM Biosciences to co-develop up to six oncology drugs in China (see story). Newsoara paid an undisclosed collaboration fee upon closing, and it will make up to $135 million in milestone payments, plus royalties. In addition, the two companies will co-discover and co-fund novel therapeutics for mutually agreed upon novel targets. Newsoara will own greater
GenScience Pharma acquired
Wuxi Biortus Biosciences, a drug discovery CRO, closed a $15 million Series A financing led by Bayland Capital (see story). Biortus will use the funds to build a cryogenic electron microscopy (cryo-EM) innovation center to offer structure-based drug discovery services. In 2018, the company launched the first commercial gene-to-structure one-stop-shop cryo-EM platform. It believes cryo-EM has the ability to transform traditional structural biology methodologies by delivering atomic resolution information on membrane proteins and large protein complexes.
LianBio, a Princeton-Shanghai company, and Pfizer (NYSE: PFE) announced an innovative agreement to co-develop and co-commercialize novel pharmaceuticals in Greater China (see story). "We started talking to Pfizer several months ago," said Adam Stone, Chief Investment Officer of Perceptive Advisors, LianBio's parent, in an exclusive interview with ChinaBio® Today. "We didn't have a final structure in mind. We just asked the question, 'How can these two platforms work together in a mutually beneficial way?'"
Chris Chen, CEO at Shanghai-headquartered WuXi Biologics (HK: 2269), told a reporter that the CRO/CMO is working on 10 neutralizing antibodies from clients for COVID-19 and one vaccine (see story). Because the candidates are making rapid progress, he expects approval for a COVID-19 antibody treatment either “late this year or early next year.” Meanwhile, Sinopharm said three unapproved
Trials and Approvals
Beijing's BeiGene (NSDQ: BGNE; HK: 06160) announced China approval to market Xgeva® (denosumab) to prevent skeletal-related events (SREs) in patients with bone metastases from solid tumors or multiple myeloma (see story). Previously, the drug was approved in
Alphamab Oncology (HK: 9966) and 3D Medicines filed a China NDA for their partnered anti-PD-L1 therapy as a treatment for MSI-H/dMMR cancer (see story). In a Phase II registration trial, patients with MSI-H/dMMR colorectal cancer experienced an objective response rate of 32%. The patients had previously failed a fluoropyrimidine, oxaliplatin and irinotecan regimen. The results were roughly equivalent to those produced by BMS's Opdivo and Merck's Keytruda. In the
Suzhou Innovent (HK: 01801) reported its bi-specific fusion protein was effective in patients with neovascular age-related macular degeneration (nAMD) (see story). The Phase I trial showed the 31 participants were able to read six additional letters in an eye exam following a single treatment. Innovent's IBI302 is a first-in-class recombinant human anti-VEGF and anti-complement bi-specific molecule. The complement system is part of the innate immune response. Although VEGF drugs have revolutionized treatment for AMD, some patients develop resistance to them over time.