Deals and Financings

Jibeier Pharma, headquartered in Zhenjiang, Jiangsu Province, reported that its filing to IPO on the new Science and Technology Innovation Board (STAR) has been accepted for review by the Shanghai Stock Exchange (see story). The company expects to raise $100 million in the offering. Jibeier plans to use the funds to build a new drug manufacturing facility and R&D center, and to support its R&D of new drugs along with clinical trials. Founded in 2001, Jibeier makes chemical drugs, TCM products and APIs.

Yuhan Corporation (KRX: 000100) of South Korea out-licensed rights for its dual agonist NASH treatment to Boehringer Ingelheim in an agreement worth up to $870 million (see story). BI will pay $40 million upfront and as much as $830 million in milestone payments, plus tiered royalties. The pre-clinical treatment is a first-in-class molecule that combines GLP-1 and FGF21 antagonists in a single molecule to reduce liver cell injury and hepatic inflammation by treating steatohepatitis while having direct anti-fibrotic effects.

Hutchison China MediTech (Chi-Med) (AIM/NSDQ: HCM) reported its parent company, a division of Hong Kong conglomerate CK Hutchison, sold $288 million of its Chi-Med stake (see story). The secondary offering placed 12 million ADSs at $24 each, upsized from 8.5 million ADSs originally planned. The placement will reduce Hutchison Healthcare Holdings' share of Chi-Med to 51.2%, which will drop further to 49.8% if the underwriters choose to exercise an option for an additional 1.8 million ADSs. All of the funds will belong to the parent company. Chi-Med currently has a market capitalization of $3 billion.

Lepu Biotech, a Shanghai immunotherapy company, raised $131 million in a series A financing led by Beijing healthcare investor Shiyu Capital (see story). Lepu, a subsidiary of China medical device company Lepu Medical, was founded in 2018 to develop immunotherapies. According to press reports, the company has PD-1, PD-L1 and antibody-drug conjugate (ADC) candidates that have begun clinical trials. The company plans to use the capital to speed up its trial activity and build production facilities.

Zai Lab (NSDQ: ZLAB) of Shanghai entered a $77.5 million collaboration and license agreement with Incyte (NSDQ: INCY) to develop Incyte's investigational anti-PD-1 mAb in Greater China (see story). Zai will pay Incyte $17.5 million up front, plus up to $60 million in development, regulatory and commercial milestones, as well as tiered royalties. INCMGA0012 is currently being evaluated as a monotherapy in patients with endometrial cancer. Zai intends to test the PD-1 in combination with other of its cancer treatments, including a HER2 candidate and possibly a PARP inhibitor.

Asieris MediTech of Taizhou acquired global rights to Cevira®, a treatment for HPV-induced precancerous cervical lesions, from Photocure (OSE: PHO) of Oslo in an agreement worth up to $73 million (see story). Cevira® is a photodynamic drug-device combination that treats cervical dysplasia by placing the device on the patient's cervix during an office procedure. Asieris will pay a $5 million signing fee, with $54 million for milestones in China, US and EU development, and $14 million for approval of a second China indication.

Zhongyianke Biotech, a Tianjin vaccine maker, raised $36 million in a Series A financing led by Shenzhen Qianhai Beizeng Asset Management (see story). Founded in 2001, Zhongyianke has launched a flu vaccine and is conducting clinical trials on four other human vaccines: a tetravalent influenza vaccine, a tetravalent meningococcal vaccine, a rabies vaccine, and a rubella vaccine. The company holds 14 China patents. In addition to its operations in Tianjin, the company has an R&D center in Beijing and a production facility in Liaoning Province.

Shanghai Synyi Medical Technology completed a $36 million C funding round to support its AI-based big data healthcare operations (see story). The company has developed technology that standardizes hospital medical records, including post-hospital follow-ups, and makes the information available through natural language queries. The company aims to provide data for medical research, healthcare and patient services. So far, SynyiAI is gathering information from 30 China hospitals. The C round was led by Tencent Holdings and included Sinopharm Capital.

Ocumension, a Hong Kong ophthalmology company, acquired greater China rights to a treatment for acute blepharitis from France's Nicox (Paris: FR0013018124) in a $13.5 million agreement (see story). Blepharitis is characterized by inflammation of the eyelid. NCX 4251, the third product that Ocumension has in-licensed from Nicox, is currently in a US Phase II trial. Previously, Ocumension acquired China rights to NCX 470 for glaucoma and ZerviateTM for allergic conjunctivitis. Ocumension is wholly owned by 6 Dimensions Capital, an investment firm formed by the merger of Wuxi Healthcare Ventures and Frontline BioVentures.