Week In Review: Deals Dominate China Biopharma News

CITIC Private Equity Funds Management made a strategic investment of unspecified size in Beijing New Journey Cancer Hospital (see story). Founded in 2011, Beijing New Journey was jointly established by Peking University Cancer Hospital and New Journey Medical Group, a company started by US private equity firm New Enterprise Associates. The goal of the hospital, a partnership between a public hospital and private capital, is to bring international expertise to China cancer care. NEA/Beijing New Journey owned 70% of the hospital before CITIC's funding. 

Company News

GlaxoSmithKline (NYSE: GSK) will create a new R&D institute in Beijing that will address the public health threats of infectious disease and antibiotic resistance (see story). GSK will budget $29 million for the project over the next three years and put over 20 researchers to work on the program. In GSK's vision, the project will start with its own R&D ability, while actively seeking participation from China academics, government, healthcare providers and regulators. The new research effort will be in addition to GSK's existing R&D efforts in Shanghai. 

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