Week In Review: AlphaMab Raises $234 Million In Hong Kong IPO; Climbs 35% In First Trading Session

Alphamab Oncology (HK: 9966) raised $234 million in a Hong Kong IPO and traded 35% higher from its offering price to a market cap of $1.2 billion (see story). The company has a PD-L1 candidate that could be approved in China next year and two bispecifics -- KN046 (PD-L1/CTLA4) and KN026 (HER2) -- in Phase II tests. It has eight biologics in development. About half of the proceeds will be used to support clinical development of KN046 for various solid tumors. Alphamab Oncology was spun out from Alphamab last year.

JOINN Biologics, a US-China biologics CDMO, raised $60 million in a Series A financing led by Huagai Capital, a private equity firm (see story). JOINN Biologics was founded in 2018 as the biologics subsidiary of JOINN Laboratories, a China CRO based in Suzhou and Beijing. JOINN Bio is headquartered in a San Francisco-area building that JOINN Labs acquired in 2013. The company said it would use the proceeds from the funding to build a 100,000-liter production base in Beijing and expand its biologics business in China and the US.

3SBio (HK:1530) of Shenyang invested $15.2 million in Zurich's Numab Therapeutics B round and will, in return, have rights to develop up to five novel Numab multi-specific immunotherapy candidates in Greater China for cancer (see story). Numab says its proprietary MATCH™ technology platform develops molecules that can incorporate up to six binding specificities. 3SBio's biologics subsidiary, Sunshine Guojian, will be in charge of China development. Dr. Zhenping Zhu, MD, PhD, President of R&D, Chief Scientific Officer of 3SBio, has joined Numab’s board of directors. Further financial terms were not disclosed.

Trials and Approvals

AstraZeneca (NYSE: AZN) was authorized to market Imfinzi (durvalumab), its PD-L1 immunotherapy, in China as a treatment for patients with unresectable, Stage III non-small cell lung cancer (NSCLC) (see story). In the drug's Phase III trial, 57% of Imfinzi patients were alive at the three-year mark compared with 43.5% for placebo. Also, the median progression free survival was 16.8 months for Imfinzi against 5.6 months for placebo. So far, China has approved five PD-1 drugs, but Imfinzi is the first PD-L1 candidate to enter the market.

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