Week In Review: Hansoh Plans Hong Kong IPO To Raise Up To $1 Billion

Hansoh Pharma, an established drug company headquartered in Lianyungang, Jiangsu province, has once again filed for a Hong Kong IPO, which is rumored to seek between $500 million and $1 billion in new capital (see story). In September 2018, Hansoh filed to raise between $1 billion and $3 billion, but the company allowed the application to lapse after six months. Hansoh is a profitable drug company with $1.1 billion in revenue and more than $280 million in profits.

Shiyu Capital of Shenzhen closed its second China life science PE fund with $473 million in capital (see story). The fund, called Danqing Fund II, will invest in pharma/biotech, healthcare, IVD and medical services companies. The Danqing funds aim to participate in the "historic opportunity" of transforming China's pharmaceutical industry. The company's first fund, launched in 2016, raised $164 million. Both funds are RMB denominated. Shiyu Capital, also known as Shenzhen Shiyu Investment Management, was established in 2014.

Beijing's BeiGene (Nasdaq: BGNE; HK: 6160) in-licensed a conditionally activated inhibitor of CTLA-4 from BioAtla of San Diego in a $269 million agreement (see story). The two companies will test BA3071 (CAB-CTLA-4) as a monotherapy and in combination with BeiGene's PD-1 candidate, tislelizumab. BioAtla will receive $20 million up front and is eligible for undisclosed early clinical milestones, plus $249 million in subsequent milestones. BeiGene will own a co-exclusive license with BioAtla to develop and manufacture the candidate, along with an exclusive global commercialization license.

Miracogen, a Shanghai biopharma with clinical-stage antibody drug conjugates, acquired non-exclusive rights to two ADC technologies developed by Dutch biotech Synaffix in a $125 million deal (see story). Synaffix says the two technologies, GlycoConnect™ and HydraSpace™, create ADCs with enhanced efficacy and tolerability. Miracogen, which licensed the technologies for use in its next clinical candidate, will make upfront and potential milestone payments that total $125 million, plus royalties.

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