Week In Review: CStone's Hong Kong IPO To Raise $304 Million At $1.5 Billion Valuation Next Week

Deals and Financings

CStone Pharma, a Suzhou oncology company, plans to raise $304 million in its Hong Kong IPO at a valuation of $1.5 billion (see story). Even though CStone is just two and one-half years-old, it has 14 oncology programs underway, including nine in clinical or IND stages. CStone plans to file a China NDA on its lead candidate, a PD-L1 immunotherapy, later this year. CStone has reduced the IPO price 23% from the original range, though its valuation remains a 50% increase over the last venture funding. The IPO will be priced next week and begin trading on February 26, one week later.

Shanghai HaiHe Biopharma announced a $146.6 million funding to support its portfolio of innovative cancer drugs (see story). HaiHe has partnered with Shanghai Institute of Materia Medica, Chinese Academy of Science to develop novel cancer drugs for global markets. The company is testing ten candidates in clinical trials and five more in preclinical studies. Last year, HaiHe merged with RMX (Shanghai) Pharmaceutical Technology. The financing was led by Huagai Capital, a private equity investor.

Burning Rock Biotech, a Guangzhou diagnostics company, closed a $126 million Series C financing led by GIC (the Sovereign Wealth Fund of Singapore) (see story). Burning Rock specializes in oncology diagnostics for precision medicine based on Next-Gen Sequencing. So far, the company has developed 32 products for different cancer types and clinical applications. It will use the proceeds of the funding to develop tests for early detection of cancer and to expand sales and marketing for its companion diagnostics business. Burning Rock also offers CRO services.

Ascletis Pharma (HK: 1672) of Hanghzhou in-licensed China rights to a novel non-alcoholic steatohepatitis (NASH) candidate from San Fransico's 3-V Biosciences and led an $18 Series E financing in 3-V (see story). The NASH candidate is a Phase II-ready fatty acid synthase inhibitor. Ascletis, a viral, cancer and fatty liver diseases company that currently markets two treatments for hepatitis C, will have rights to the candidate in Greater China. The 3-V investment syndicate agreed to contribute an additional $7 million to the Series E in the future.

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