Week In Review: CANbridge Raises $98 Million For In-licensed Orphan Disease And Targeted Cancer Candidates

CANbridge Pharma, a Beijing biopharma developing products for orphan diseases and targeted cancers, closed a $98 million Series D financing led by General Atlantic and WuXi AppTec (see story). Each of the two companies has the option to invest up to an additional $10 million. CANbridge has a global partnership with WuXi Biologics to develop novel therapeutics that treat rare genetic diseases. In January, CANbridge acquired China rights from South Korea's GC Pharma to commercialize Hunterase®, an enzyme replacement therapy for patients with Hunter syndrome.

Anngeen Technologies of Beijing raised more than $14 million in a Series B financing to support its gene sequencing services for clinical diagnosis (see story). The company has set up at least 10 centers in partnership with hospitals to apply next-gen sequencing and bioinformatics to diagnose hereditary diseases in cardiovascular, kidney, blood and hereditary cancer conditions. It also provides individualized medication guidance and tumor molecular detection along with in vitro diagnostic kits. Anngeen wants to become the world's leading provider of genetic disease detection services.

Shanghai's ImmuneOnco Biopharma raised $6.4 million in a Pre-B round to support its pre-clinical portfolio of immunotherapy cancer candidates (see story). Founded in 2015, the company is developing bi-specific antibodies, novel recombinant proteins, target-specific natural killer (NK) cells, a target-activated NK (TANK™) cell therapy, a CAR-T cell therapy, and mAbs that target immune regulation pathways. Tian Wenzhi, chairman and general manager, said the capital would support clinical studies of two ImmuneOnco candidates, IMM01 and IMM0306.

Company News

WuXi Vaccines finalized a $3 billion 20-year agreement with an unspecified "global vaccine leader" to manufacture a vaccine for the company (see story). Last year, WuXi Vaccines, a joint venture comprised of WuXi Biologics and Shanghai Hile Bio-technology, began building a $240 million production facility in Ireland that will provide worldwide supplies of the vaccine. The facility is next to a major facility under construction for WuXi Biologics (HK: 2269). WuXi and the unnamed vaccine maker expect the vaccine to produce $3 billion in revenues over 20 years.

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