Week In Review: Everest In-Licenses An ADC From Immunomedics In $835 Million Agreement, A China Record For A Single Asset

Deals and Financings

Everest Medicines II of Shanghai, a C-Bridge company, agreed to pay up to a record $835 million in upfront and milestone payments for China rights to an Immunomedics ADC.

Viva Biotech, a Shanghai CRO that offers partnerships to some of its clients; will seek to raise $194 million in a Hong Kong IPO that values the company at $750 million.

Tot Biopharm, a Suzhou oncology company with a portfolio of more than ten candidates (six of them in clinical trials), filed to IPO in Hong Kong.

Digital China Health Technologies participated in a $17.1 million extension of a Congenica Series B funding that has now raised $30 million;

Shanghai's QTC Care, an international healthcare platform, completed a $7 million Series A funding led by Tencent to advance its AI-based treatment plans; 

Luye Pharma in-licensed China rights to PharmaMar's lurbinectedin as a treatment for small cell lung cancer, paying $5 million upfront; 

Suzhou's CStone Pharma acquired China rights to a tri-specific PD-L1 antibody developed by Zurich's Numab in returning for developing the candidate through a China Phase I trial;

IPO News

So far, the Hong Kong Stock Exchange has IPO'd seven pre-revenue biotechs: three of them lost money in their first month. We explain why the last four have risen in value (three of them with over 65% increases).

Trials and Approvals

I-Mab Biopharma of Shanghai began a multi-center Phase III clinical trial in Taiwan and China to evaluate its CD38 immunotherapy for multiple myeloma. Ascletis of Hangzhou and US-based 3-V Biosciences have started a US-China Phase II clinical trial of their partnered treatment for NASH. And Shanghai's Sinovant Sciences was given the go-ahead to begin China registrational trials of a treatment for bile duct cancer.