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Week in Review: Innocare Strikes $937 Million Deal with Biogen for BTK Inhibitor
Deals and Financings
Beijing InnoCare (HK: 09969) out-licensed ex-China rights for its BTK inhibitor to Biogen (NSDQ: BIIB) in a $937.5 million deal (see story). Biogen, which will have rights to orelabrutinib in multiple sclerosis and other specified autoimmune diseases, will pay $125 million upfront and up to $812.5 million in milestones, plus royalties. Thirty years ago, Biogen' Avonix was the first biologic approved for MS, and it currently markets five therapies for the disease. Innocare has started a global placebo-controlled Phase II trial of orelabrutinib in patients with relapsing-remitting MS.
Suzhou Innovent Bio (HK: 01801) announced a $245 million, three-part collaboration with
- Joint China commercialization of HQP1351 (olverembatinib), Ascentage's lead candidate, a BCR-ABL TKI aimed at drug-resistant chronic myeloid leukemia; Innovent will make a $30 million upfront payment and be responsible for up to $115 million in milestones;
- A clinical collaboration to develop Ascentage's Bcl-2 inhibitor (lisaftoclax) with Innovent's anti-CD20 monoclonal antibody Halpryza® (a rituximab biosimilar) and Innovent's anti-CD47 monoclonal antibody letaplimab (IBI188); and
- A $100 million Innovent investment in Ascentage consisting of $50 million upfront and two-year warrants for a second $50 million.
Adlai Nortye Biopharma, a Hangzhou oncology immunotherapy company, completed a $100 million Series D round led by CMG-SDIC Capital and existing investor Tigermed (see story). One year ago, Adlai Nortye raised close to $100 million in a Series C funding. Founded in 2016, Adlai Nortye has three candidates in clinical trials and at least ten more undergoing pre-clinical tests. It built the portfolio through collaborations and internal discoveries. It has clinical operation centers in both
Jiangsu Hailai Xinchuang Medical Technology closed a $77 million Series C funding to advance its Tumor Treating Fields (TTF) electrical pulse technology for cancer (see story). TTF is designed to interfere with cancer cell division. Hailai has started a multi-center
ProfoundBio, a Suzhou-Seattle oncology newco, closed a $55+ million Series A financing from
PAQ Therapeutics, a
Grit Biotechnology, a two-year-old
Trials and Approvals
Ascletis Pharma (HK: 1672) of
Suzhou Innovent (HK: 01801) announced the first patient has been dosed in a China Phase I study of IBI323, an anti-LAG-3/PD-L1 bispecific antibody (see story). The trial is enrolling patients with advanced solid tumors. In preclinical studies, IBI323 blocked both the PD-1/PD-L1 and LAG-3 pathways with the goal of generating more effective and durable T lymphocyte activation than administering the two molecules separately. Innovent's PD-1, Tyvyt® (sintilimab injection) is approved in
Disclosure: none.
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