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Week in Review: China Biopharma Starts 2021 with Over $1 Billion in Deals and IPOs
Deals and Financings
Gracell Biotech (NSDQ: GRCL) of
APT Medical (SHA: 688617) completed a $191 million IPO on the Shanghai STAR Exchange, rising 245% in its first trading session to a market cap of $2.7 billion (see story). Founded in 2002, the company makes a variety of affordable catheters for cardiovascular conditions. Its offerings include coronary artery access and electrophysiological products, plus peripheral blood vessels and nerve intervention medical products. APT claims to have the largest
Abbisko Therapeutics of
Advaccine Biopharma Suzhou announced a $108 million agreement to acquire Greater China rights to a DNA vaccine for COVID-19 from Inovio (NSDQ: INO) of
Terns Pharma, a San Mateo-Shanghai biopharma, completed a $87 million Series C round to support its three lead NASH programs (see story). The financing was led by Deerfield Management Company and included a strategic equity investment from Eli Lilly. In 2018, Terns was founded with three small molecule targeted therapies for NASH that it in-licensed from Lilly and also an initial $30 million Lilly investment. Terns has development teams in
Boston's Paratek Pharma (NSDQ: PRTK) closed a $60 million non-recourse loan with an affiliate of R-Bridge Healthcare that will be paid off by royalties from Paratek's China omadacycline out-licensing agreement with Zai Lab (NSDQ: ZLAB; HK: 9688) (see story). In May 2020, Zai filed an NDA for Paratek's omadacycline, an antibiotic, that was accepted by
Kira Pharma closed a $53.5 million Series B+ financing to develop complement-targeted therapies that treat immune-mediated diseases (see story). Kira is headquartered in
Keya Medical completed a $46 million D financing in late December to support its automated scanning products based on deep learning algorithms (see story). It was the company's fourth funding in 2020 that included a $22 million Series B+ and a $14 million Series B. The company is headquartered in
Trials and Approvals
Everest Medicines (HK: 1952) was approved to start a China Phase III trial of sacituzumab govitecan-hziy in patients with metastatic urothelial cancer (see story). The candidate is a first-in-class, antibody-drug conjugate (ADC) aimed at TROP-2, a membrane antigen that is over-expressed in many epithelial cancers. In 2019, Everest entered an $835 million agreement ($65 million upfront) to acquire
Shanghai Pharmaceuticals (SHA: 601607; HK: 2607) broke ground on a $1.8 billion, 3.2 million-square-foot industrial park that will add an increased focus on its novel drug development efforts (see story). The company said the new site would develop cell and gene therapies and manufacture therapeutic antibodies. When completely built out, the facility will include 538,000 square feet for an incubation platform and another 861,000 square feet for antibody manufacturing. It will eventually house 120,000 liters of antibody reactors.