Week In Review: PAG Pays $540 Million For 58% Stake In Hisun BioRay, A China Biotech

Deals and Financings

• PAG, a Hong Kong PE firm, will pay $540 million to acquire a 58% stake in Hisun BioRay, a China biologics company developing autoimmune and oncology drugs;
• Quan Capital, a Shanghai healthcare venture firm, closed its $275 million second fund two years after announcing its $150 million initial fund; 
• Temasek, Singapore's sovereign wealth fund, and Beijing's Hillhouse Capital will acquire a 2% stake in Aier Eye Hospital Group for $259 million;
• Just Medical, a Tianjin orthopedics device company, closed a $14.5 million A funding led by BioVenture; 
• Meditool Shanghai received an investment led by Evonik Venture Capital, the venture arm of a German chemical company, to support Meditool's 3D-printing technology for neuro and spine surgery implants; 
• Beijing Chunli partnered with Germany's Syntellix to import Syntellix's innovative magnesium alloy orthopedic implants to China;

IPO News

• Immunotech Biopharm of Beijing is expected to raise up to $200 million in a Hong Kong IPO for its immunological drug and CAR-T candidates: 
• Suzhou BrightGene Bio-Medical was approved to stage a $50 million IPO on the Shanghai STAR Exchange for its innovative and difficult-to-make generic drugs;

Company News

• Novartis sold its Suzhou API manufacturing campus to Zhejiang Jiuzhou Pharma for $110.5 million;
• WuXi AppTec launched DELight, a novel DNA Encoded Library (DEL) package that offers cost-effective, self-service hit finding services;

Trials and Approvals

• AstraZeneca announced China approval for Tagrisso as a first-line treatment for non-small cell lung cancer in patients with EGFR mutations; 
• Hutchison China MediTech (Chi-Med) started a global Phase I/Ib trial of HMPL-689, the company's oral PI3Kδ inhibitor, in patients with lymphoma;
• Shanghai's CARsgen Therapeutics was granted US orphan drug designation for its fully human anti-BCMA CAR-T therapy as a treatment for multiple myeloma.