Week In Review: Alphamab Oncology Plans $350 Million Hong Kong IPO

Alphamab Oncology, a company developing eight bispecifics for oncology, plans to stage an IPO before the end of the year on the Hong Kong Exchange that could raise up to $350 million (see story). Alphamab Oncology is a spin out from Suzhou Alphamab. The company plans to use the proceeds from the offering to support clinical development of its portfolio, including KNO46, which could be a first-in-class bispecific antibody against CTLA-4 and PD-1. The company will sell about 25% of its shares in the offering, giving it a valuation of more than $1 billion.

Luye Pharma (HK: 2186) of Yantai acquired Shandong Boan Biological, a company developing biosimilar products, at a price unofficially reported to be $205 million (see story). Luye said the acquisition includes Boan's drug portfolio, antibody screening platform, antibody manufacturing platform and related IP. Boan currently has eight biosimilar drugs in development, three of them in clinical trials. Previously, Luye in-licensed four biosimilars from Boan, including biosimilars to Avastin®, Prolia®, Xgeva® and Eylea®. Luye said the molecules are at the IND stage in the US and/or Europe and/or Japan.

EOC Pharma, the oncology development arm of China in-licensing company Eddingpharm, raised $71 million in a Series C round led by Tigermed, TF Capital and Yingke PE (see story). Headquartered in Taizhou, EOC manufactures and commercializes oncology products for China use that require mid to late stage clinical development for registration. It currently has a pipeline of six novel products from global biopharmas, including its most recent in-licensing, a Shionogi HER2/EGFR inhibitor intended to treat brain metastasis in advanced metastatic breast cancer patients. Two years ago, EOC completed a $32 million B financing.

Suzhou Ribo Life Science, a siRNA drug development company, raised $29 million in a series C1 financing led by Panlin Capital and Trinity Innovation Fund (see story). Founded in 2007, Ribo formed a China JV in 2012 with Quark Pharma, a US siRNA company. The Quark JV produced Ribo's first China-approved therapy, a treatment for Ischemic Optic Neuropathy. The company claims expertise in small nucleic acid drug discovery, scale-up and production. Ribo, which has six Quark-partnered drug candidates plus four of its own molecules in development, says the siRNA treatments address multiple needs.

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