Recent Articles in Deals & Financings

Beijing Genor Biopharma granted a global license (ex-China) for its CD20/CD3 bispecific as a therapy for autoimmune diseases to TRC 2004, a new company backed by Third Rock Ventures. Genor has already conducted a China-Australia Phase I/II trial of the candidate in patients with B-NHL. GB261 is a novel CD20/CD3 bispecific T-Cell Engager (TCE) with ultra-low CD3 binding affinity and full Fc functionality. Genor will receive equity in TRC 2004, an upfront payment of double-digit-millions of dollars, milestones of up to $443 million and royalties on sales. More details....

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Daiichi Sankyo will co-develop Merck’s MK-6070, an investigational delta-like ligand 3 (DLL3) targeting T-cell engager. Merck acquired the candidate when it bought Harpoon Therapeutics in January for $670 million. Merck will receive an upfront payment of $170 million from Daiichi Sankyo; development costs and sales revenues will be split between the two companies. In 2023, Merck formed an agreement for joint development of three of Daiichi Sankyo’s DXd antibody-drug conjugate (ADC) candidates. Merck paid $4 billion upfront in the deal which had a total value of $22 billion. More details....

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China Resources Sanjiu Medical & Pharmaceutical will buy a 28% stake in Tianjin’s Tasly Pharma Group for $869 million. Both companies make traditional Chinese medicines and pharmaceutical products, but Tasly also develops biologic medications through a subsidiary, Tasly Biopharma. Although CR Sanjiu will own only 28% of Tasly, the company said it would become Tasly’s controlling shareholder. Tasly Great Health will also transfer 5% of Tasly’s shares to CR Sanjiu's major shareholder, Guoxin Investment. CR Sanjiu is one of many companies that are a part of China Resources Corporation, a state-owned entity. More details....

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Tokyo’s Kyowa Kirin will turn its research focus to unmet needs in the areas of bone and mineral, hematologic cancers/intractable hematologic diseases and rare diseases. The company will form a global research organization to develop advanced antibody technologies and hematopoietic stem cell gene therapies (HSC-GT) in these areas. Kyowa will transfer its Chinese operations, including five established brands, to Hong Kong’s WinHealth Pharma for $105 million. More details....

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Shanghai ImmuneOnco Biopharma out-licensed global rites (ex-China) for two of its antibodies to Instil Bio (NSDQ: TIL) of Dallas, Texas. ImmuneOnco will receive an upfront and near-term payments of $50 million and up to more than $2 billion in milestones, plus royalties. Instil will have rights to ImmuneOnco’s proprietary PD-L1xVEGF bispecific antibody, IMM2510, as well as its next-generation anti-CTLA-4 antibody, IMM27M. ImmuneOnco has started a combination trial of the two candidates. Instil, an in-licensing company, has stopped development of its previous assets in recent years. More details....

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