Week In Review: Big Week For Cross-Border Life Science Deals

Deals and Financings

South Korea's Hanmi Pharma (KRX:128940) sold global rights (ex-Korea) for its pan-RAF inhibitor, HM95573, to Genentech, a unit of Roche (SIX: ROG), in an $910 million deal (see story). Hanmi will receive $80 million upfront and double digit royalties on sales of certain products covered by the agreement. Further details were not provided. Hanmi has been spectacularly successful in finding partners for its portfolio of innovative drug candidates. During 2015-16, it has signed almost $7 billion of out-licensing deals. 

Ramsay Sime Darby Healthcare, a Malaysian-Australian hospital operator, is in talks to form a $500 million China JV that will own two hospitals (see story). The negotiations have reached the due diligence stage. In addition, Ramsay Sime is also discussing China hospital JVs with two other healthcare companies, though those discussions are at a much earlier level. Ramsay Sime is itself a joint venture between Malaysian conglomerate Sime Darby and Australia’s largest healthcare group, Ramsay Health Care Ltd. 

Neusoft, a China IT company with a medical imaging subsidiary, established a $250 million investment fund with Israel-China private equity firm Infinity Group (see story). The fund will support Israeli medical device companies that want to operate in China. Neusoft will establish a cloud network that will help Israeli companies make connections, and it will also offer its own contacts with med-tech companies and the CFDA. The $250 million will be invested over three years. 

Shanghai Fosun Pharma (SHA: 600196: HK: 2196) formed a $100 million China medical device JV with Intuitive Surgical (NSDQ: ISRG) of Massachusetts (see story). The JV will develop novel robotic-assisted catheter-based medical devices that use Intuitive Surgical's IP, initially for early diagnosis of lung cancer. Intuitive makes the well-known da Vinci suite of minimally-invasive surgical devices. Based in Shanghai, the JV will develop and manufacture the devices for global markets. The JV will also be in charge of China distribution, while Intuitive will be responsible for ex-China sales. 

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