Week In Review: China Biopharma Starts 2021 With Over $1 Billion In Deals And IPOs

Trials and Approvals

  • Everest Medicines (HK: 1952) was approved to start a China Phase III trial of sacituzumab govitecan-hziy in patients with metastatic urothelial cancer (see story). The candidate is a first-in-class, antibody-drug conjugate (ADC) aimed at TROP-2, a membrane antigen that is over-expressed in many epithelial cancers. In 2019, Everest entered an $835 million agreement ($65 million upfront) to acquire China rights to the ADC from Immunmedics, now part of Gilead (GILD). Everest completed a $451 million IPO in Hong Kong three months ago.  

Company News

  • Shanghai Pharmaceuticals (SHPMF) broke ground on a $1.8 billion, 3.2 million-square-foot industrial park that will add an increased focus on its novel drug development efforts (see story). The company said the new site would develop cell and gene therapies and manufacture therapeutic antibodies. When completely built out, the facility will include 538,000 square feet for an incubation platform and another 861,000 square feet for antibody manufacturing. It will eventually house 120,000 liters of antibody reactors.  
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