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Week in Review: Sorrento Acquires ACEA in $488 Million Deal between Two San Diego-China Oncology Biopharmas
Deals and Financings
Sorrento Therapeutics (NSDQ: SRNE) will acquire ACEA Therapeutics in a deal worth up to $488 million (see story). Both companies develop novel cancer drugs, both are headquartered in
Long Hill Capital, a
Hutchison China MediTech (NSDQ/AIM: HCM) raised $100 million in a private placement with Baring Private Equity Asia (see story). HutchMed will use the money to develop its ten oncology assets, all of which were developed internally, for global markets. It plans to start 8-10 registration and registration-intent studies in 2021. The company has two China-approved oncology treatments, Elunate® and Sulanda®, while savolitinib is expecting approval soon. Last month, China MediTech, previously known as Chi-Med, adopted the name HutchMed.
NewMed Medical Company of
Biogen (NSDQ: BIIB), a Cambridge, MA biopharma, in-licensed ex-China rights to a biosimilar aimed at rheumatoid arthritis from Guangzhou's Bio-Thera (SHA: 688177) (see story). The candidate, BAT1806, is a proposed biosimilar to Roche's Actemra® (tocilizumab). It is an anti-interleukin-6 (IL-6) receptor mAb that is currently in Phase III trials. Biogen will make a $30 million upfront payment once BAT1806 reports satisfactory Phase III results, plus unspecified milestones and royalties.
HitGen (SHA: 688222) of
Trials and Approvals
Bridge Biotherapeutics (KOSDAQ: 288330), a Korea, China, US company, started a Phase I/II trial of a novel EGFR inhibitor in non-small cell lung cancer (NSCLC) patients with a specific mutation (see story). BBT-176 will be tested in NSCLC patients who progressed following prior therapy with an EGFR TKI agent. BBT-176 is designed to inhibit the signaling pathway of EGFR with C797S mutations, which causes resistance to osimertinib (Tagrisso). In
Shanghai Antengene (HK: 6996) will start a China Phase I clinical trial of ATG-019 in patients with advanced solid tumors or non-Hodgkin's lymphoma (NHL) (see story). ATG-019 is a novel oral dual PAK4/NAMPT inhibitor that will be administered as a monotherapy or combined with niacin ER. In preclinical tests, ATG-019 showed anti-tumor activity and a superior pharmacokinetics (PK) and safety profile, the company said. Antengene has a Taiwan Phase I clinical trial of ATG-019 underway in the same patient population.
Invesco has launched a new China Healthcare Equity fund to offer a diversified portfolio of China-listed healthcare companies (see story). Based in Hong Kong, the fund will take positions mainly in
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