Week In Review: Beijing's Berry Genomics Valued At $619 Million In Reverse Merger

Berry Genomics, a Beijing genetic testing company, will IPO via a reverse merger with Chengdu Tianxing Instrument & Meter (SHZ: 0710) at a valuation of $619 million on China's Shenzhen market (see story). The transaction was announced in September, but no financial details were disclosed at that time. Tianxing will issue shares to Berry stockholders. Earlier this month, Tianxing said it would sell its assets and debts for $42 million, though it wasn't clear if that was all of the company's current operations. 

Harbour BioMed, a Shanghai startup, raised an initial $50 million from two China investors, Advantech Capital and Legend Capital, and then acquired Harbour Antibodies BV, a Dutch company with two proprietary transgenic mouse platforms (see story). Harbour BioMed's headquarters and R&D will be in Shanghai, its business operations in Cambridge, MA and its antibody platform in Rotterdam. The company will expand its Boston presence with a drug discovery innovation center. The previous Harbour owners received cash plus equity in Harbour BioMed, though no specific details were disclosed. 

TopGene, a two-year-old Guangzhou maker of DNA tests, completed a $14 million Series A funding round led by Matrix Partners China (see story). The company offers non-invasive prenatal testing plus DNA screens for genetic predisposition towards various cancers. In addition, TopGene offers next generation sequencing and DNA/RNA extraction services to researchers, and it operates a China cancer precision medicine center for clinicians, with plans to open dozens more centers across China. 

Angiotech Pharmaceuticals, a Vancouver medical device company, will be acquired by a consortium led by Vivo Capital, a US-China healthcare investor, and ZQ Capital, an investment firm focused on China (see story). Angiotech makes branded, private label and OEM products with a focus on needles, sutures and surgical knives. The company sells globally, including China. It has more than 2,000 employees worldwide. The price of the acquisition was not disclosed. 

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