Week In Review: Four China Biopharmas Announce $100+ Million Deals In First Week Of 2020

Apollomics of Hangzhou announced a $189 million agreement to develop two GlycoMimetics (Nasdaq: GLYC) novel E-selectin-based immunotherapies in China for leukemia (see story). Apollomics, which was incubated by OrbiMed Asia, will be responsible for developing uproleselan and GMI-1687 in mainland China, Hong Kong, Macau and Taiwan. GlycoMimetics will receive a $9 million upfront payment and be eligible for up to $180 million in milestones plus royalties. Apollomics is developing five assets: two novel mAbs that restore the body’s immune system along with three therapies that target growth signaling pathways.

Zhiyun Health, an online health company focused on diabetes management, raised $142 million in a combined C+ and D round (see story). Founded in 2014 by Kuang Ming, a graduate of Cambridge University, Zhiyun offers comprehensive online health management services including an app that allows diabetes patients to record and track their health data. The app offers advice from doctors and visual interaction, allowing doctors to adjust treatment regimens while the site gives advice on medication, diet, exercise and online health shopping malls. Zhiyun has raised more than $280 million over nine financings.

IOVaxis Therapeutics (OSE: TRVX) of Nantong acquired an option to in-license greater China rights for two Targovax mutant RAS therapeutic vaccines, TG01 and TG02 (see story). If the option is exercised, IOVaxis will pay $3 million upfront for the license and Targovax, a Norwegian company, will be eligible for up to $100 million in milestones, plus double digit royalties. RAS mutations are found in over 90% of pancreatic cancer cases, 50% of colorectal cancer and 20-30% of all cancers. Targovax expects its vaccines will induce T-cell immune responses in cancer patients with RAS mutations.

Transcenta Holding of Suzhou completed a $100 million Series B+ financing to support its 10 innovative molecules in oncology, bone disorders and nephrology (see story). Last year, Transcenta was formed through the merger of Hangzhou Just Bio and MabSpace, and the company in-licensed a portfolio of novel bone disease biotherapeutics from Eli Lilly (NYSE:LLY) including Bloxozumab, an osteoporosis treatment that has completed Phase II tests. Since then, it adopted integrated continuous process and manufacturing in its Hangzhou production facility. CR-CP Life Science Fund and Fortune Capital co-led the B+ round.

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