Week In Review: $1.5 Billion Total In Week's China Deals

Deals and Financings

  • Everest Medicines (HK: 1952) of Shanghai completed a $451 million IPO in Hong Kong to develop its portfolio of eight assets in-licensed for China development (see story). The company's stock climbed 32% in its first trading session. Founded in 2017, Everest was incubated by CBC Group (formerly C-Bridge Capital) to be its China in-licensing company. The company's eight products address needs in oncology, immunology, cardio-renal, and infectious diseases, several of which are in late-stage development or have filed for approval. 
  • Genor Biopharma (HK: 6998) of Shanghai raised $371 million in its Hong Kong IPO, pricing the offering at the top of the range (see story). In early trading, Genor rose 22%, giving the company a market capitalization of $1.8 billion. Founded in 2007, Genor has a portfolio of 15 mAbs and recombinant fusion proteins, comprising novel drugs and biosimilars that target indications in cancer, metabolic, and autoimmune diseases. Hillhouse, which led a $160 million Series B financing in Genor earlier this year, owns 30% of the company's shares post-IPO.  
  • 10x Genomics (TXG) acquired ReadCoor, a Boston developer of In Situ technologies, for $350 million (see story). ReadCoor's technology measures large numbers of molecules directly in tissue while preserving the precise location of the molecules in the tissue. 10x provides scientific researchers with products to analyze biologic systems at a single cell level. Decheng Capital of Shanghai and Silicon Valley led ReadCoor's $23 million Series A financing and $27 million Series B round.  
  • Hinova Pharmaceuticals, a Chengdu innovative drug company, closed a $147 million Series C round (see story). The company said it would use the proceeds to conduct multi-center clinical trials and commercialize its drug candidates in China and internationally. Founded in 2013, Hinova has built a portfolio of nine drug candidates including HC-1119, a novel androgen receptor antagonist in Phase III trials for metastatic castration-resistant prostate cancer (mCRPC).
  • Corvus Pharma (CRVS) formed a China subsidiary, Angel Pharma, to develop its three clinical stage assets and one preclinical platform in China (see story). Angel will have a post-money value of $106 million. Corus will own 49.7% of Angel, while three China biopharma investors will invest $41 million for the rest. The investors are Tigermed-Betta Pharma, Hisun Pharma, and Zhejiang Puissance Capital. Angel will have China rights to three Corvus clinical-stage candidates – ciforadenant, CPI-006, and CPI-818 – and global rights to Corvus’ BTK inhibitor preclinical programs.  
  • Creative Biosciences, a Guangzhou oncology testing company, raised $90 million in a Series C funding led by Tsing Capital (see story). In 2018, Creative Bio was approved by China's NMPA to market Colosafe, a stool-based diagnostic test for colon cancer. The company says Colosafe costs less than half the US competition, but has a higher detection specificity. Creative was founded by the research team led by Professor Hongzhi Zou at Sun Yat-sen University. It will use the proceeds to develop early screening and point-of-care testing products for lung, bladder, liver, and cervical cancers.  
  • Guangzhou Link Health Pharma and Shenzhen Pregene Biopharma announced a $65 million deal to acquire China/Asia rights to a cell therapy for bone fractures developed by Bone Therapeutics (Euronext: BOTHE) of Brussels (see story). ALLOB is an allogeneic, off-the-shelf product manufactured by a proprietary process using cultured bone marrow mesenchymal stem cells from healthy adult donors. ALLOB has completed two European Phase IIa tests showing safety and efficacy.
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