Week In Review: China's I-Mab Stages $104 Million Nasdaq IPO

I-Mab (Nasdaq: IMAB), a Shanghai biotech, raised $104 million in its IPO on the Nasdaq exchange to support its portfolio of more than ten biologic products (see story). I-Mab was founded in 2016 by C-Bridge Capital and Tasly Pharma, which merged two China companies, Third Venture Biotech and Tasgen Bio, and invested $150 million in newly formed I-Mab. The offering was priced at $14 per ADS, the middle of the expected range, but the price has moved 10% lower to $12.58 in initial trading.

BeiGene (Nasdaq: BGNE; HK: 06160) of Beijing acquired China rights for two orphan biologic products, Sylvant® and Qarziba®, from EUSA Pharma in a $160 million deal (see story). Sylvant is approved to treat Castleman’s disease, a rare, life-threatening orphan condition of the lymph nodes. Qarziba is a targeted immunotherapy for neuroblastoma, an aggressive neoplasm that is the most common childhood solid tumor originating outside the brain. Both products are approved in various Western countries. They have been listed for fast-track approval in China because they target rare diseases that have no current treatments.

Suzhou Innovent Biologics (HK: 01801) out-licensed US-Canada rights for its Avastin® biosimilar to Coherus BioSciences (Nasdaq: CHRS) (see story). Coherus will pay $45 million in upfront and milestone payments, plus double-digit royalties. Coherus is a Redwood City, CA biopharma that develops its own biosimilars and in-licenses others. Coherus also has a non-exclusive option to license US-Canada rights to Innovent's Rituxan® biosimilar. Innovent cited Coherus' successful US launch of UDENYCA, a biosimilar to Amgen's Neupogen, as its reason for partnering with Coherus.

Sino Biopharma (HK: 1177) of Beijing partnered with San Diego's Ambrx to develop two new Ambrx-discovered biologic products for cancer (see story). Sino Bio will make an unspecified upfront payment to Ambrx and will also be responsible for developing the products to IND. Ambrx is eligible to receive additional milestone payments and tiered royalties on sales. Sino Bio will have rights to develop the products in China. Ambrx discovers next-gen biologics using its Protein Medicinal Chemistry™ platform to develop long-acting proteins, bi-specifics and antibody drug conjugates. Additional details were not released.

1 2 3
View single page >> |

Disclosure: None

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.