Week In Review: China Pharmas Announce Deals Worth $1.5 Billion

WuXi AppTec (SHA: 603259), China's largest CRO/CMO, completed a $1 billion IPO on the Hong Kong markets, pricing the offering in the middle of the expected range (see story). In May, WuXi became a public company by completing a $328 million IPO in Shanghai. Since the offering, the company's shares have nearly quadrupled. The Hong Kong offering was completed at a $10 billion valuation, about a 16% discount to its valuation in Shanghai. In 2015, WuXi was privatized from the New York Exchange at a value of $3.3 billion.  

Shanghai Fosun Pharma (SHA: 600196; HK: 02196) in-licensed rights to a Revance (Nasdaq: RVNC) neuromodulator for aesthetic and therapeutic use in an agreement potentially worth $260 million (see story). Fosun will pay $30 million upfront and up to $230 million in milestones, plus royalties. The first neuromodulator with long-acting duration, DaxibotulinumtoxinA (RT002) is also the first Botox-type product formulated without human blood-derived products or manufactured using animal-derived proteins.  

Brii Biosciences, a China-US startup, has entered a $128.5 million agreement for China rights to an immuno-therapeutic hepatitis B vaccine from VBI Vaccines (Nasdaq: VBIV) of Cambridge, MA (see story). Brii made a $4 million upfront payment and an equity investment of $11 million in VBI, plus will pay up to $117.5 million in milestones. Brii made its debut earlier this year with $260 million in initial capital. It also announced options for China rights to four biotech infectious disease assets from Vir of San Francisco, including a hepatitis B vaccine.  

Shenzhen Salubris Pharma (SZE: 002294) invested $10 million in Viracta Therapeutics of San Diego (see story)Salubris also acquired greater China rights to Viracta's clinical-stage treatment for Epstein Barr Virus (EBV)-associated lymphomas in a deal that includes $58 million in development milestones, plus unspecified commercial milestones and tiered royalties. The treatment is the first targeted, oral therapy for EBV-associated malignancies. It combines Viracta’s nanatinostat (VRx-3996) plus an antiviral and may treat a range of cancers associated with viruses.  

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