Recent Articles in Deals & Financings

CASI Pharmaceuticals received a $40 million take-private offer for its China operations from the company’s Chairman and CEO, Dr. Wei-Wu He. CASI was originally a US company that developed products for China. A few years ago, CASI moved its headquarters to Beijing, while leaving some operations in Maryland. The $40 million offer is less than the company’s current valuation of $50 million, though the China company would assume $20 million in debt. CASI also announced plans to file an IND in the US a kidney transplant resistance drug and a $15 million PIPE investment. More details....

Stock Symbol: (NSDQ: CASI)

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Hong Kong King-Friend Industry bought global rights to Yusimry®, a Humira® biosimilar, from Coherus BioSciences of Redwood City, CA for an upfront cash payment of $40 million. HKF awarded US rights for the biosimilar to its US subsidiary, Chicago’s Meitheal Pharma. The acquisition adds a fifth biosimilar and the first marketed biosimilar to Meitheal’s portfolio, which has invested over $300 million in capital and R&D to build its portfolio, including a $30 million mAb drug substance facility. Coherus, once a partner for China-developed biosimilars, now focuses on immune-oncology candidates. More details....

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Shanghai Henlius Biotech, a company that was formed in 2010 as the biologics arm of Fosun Pharma, has agreed to be acquired by Fosun at a valuation of $1.7 billion. Fosun Pharma already owns 65% of Henlius. The price is a 31% premium to Henlius’ closing price on May 22, when the company asked for a halt pending a takeover announcement. Fosun said the current listing, which was trading at about 50% of its 2019 IPO valuation in Hong Kong, no longer offered access to capital. One week ago, Fosun raised $172 million by selling a 5% interest in India’s Gland Pharma. More details...

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Suzhou Ascentage Pharma filed to list its shares in the US. In 2019, the company completed a $53 million Hong Kong IPO at a market capitalization that approached $900 million. The company develops drugs that restore the normal process of cell death to treat cancers and other diseases. Two weeks ago, Ascentage signed a $1.3 billion deal ($100 million upfront) with Japan’s Takeda for a global option (ex-China) on its lead product, a third-generation BCR-ABL tyrosine kinase inhibitor for chronic myeloid leukemia and other hematological cancers. The drug, olverembatinib, is already approved in China. More details....

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Korea’s AprilBio out-licensed worldwide rights for its IL-18 targeted fusion protein to Evommune, a Palo Alto biopharma focused on chronic inflammatory diseases. APB-R3 (now known as EVO301) is a long-acting injectable fusion protein aimed at neutralizing the signal pathway of IL-18 to regulate inflammation. AprilBio said the fusion protein showed good safety and tolerability, favorable pharmacokinetics and target engagement in its Phase I trial. Evommune is developing a portfolio of three immune therapies, including another candidate that targets the IL-18 pathway for atopic dermatitis. Financial details of the agreement were not disclosed. More details....

Stock Symbol: (Kosdaq: 397030)

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