Week In Review: InnoCare Prices Hong Kong IPO To Raise $288 Million

InnoCare Pharma of Beijing priced its Hong Kong IPO at the top end of its proposed range to raise $288 million at a $1 billion valuation, according to insiders (see story). The company develops immunotherapies for cancer and autoimmune diseases. It has three molecules in clinical trials, including its lead product, a BTK inhibitor under NDA review in China for leukemia and lymphoma. The company discovers candidates through its own research and in-licenses products from other biopharmas. Hong Kong has not completed an IPO since January because of the coronavirus outbreak, though the health crisis may have helped a biopharma company like InnoCare.

SciClone Pharma signed an $84 million deal to acquire Greater China rights to a novel drug conjugate aimed at solid tumors from Tarveda Therapeutics of Massachusetts (see story). PEN-866, the initial clinical program in Tarveda’s HSP90 binding miniature drug conjugate platform, is designed to bind to the activated form of Heat Shock Protein 90 (HSP90) to accumulate and release its topoisomerase 1 inhibitor payload in solid tumors. SciClone will make a $4 million upfront payment, be responsible for up to $75 million in milestones, and can make a $5 million investment in Tarveda.

Yizhun Intelligent, a Beijing AI-based medical scan diagnosis company, completed a Series B funding round of $14 million, led by Wondfo Bio-industry Fund and joined by existing investors Hina Group and Qingsong Fund (see story). Founded in 2017, Yizhun uses machine learning to develop products. So far, the company has launched intelligent detection systems for lung nodules, mammography targets and several lung diseases. It also partnered with IBM Watson to create an AI medical imaging research platform called the "Darwin Intelligent Scientific Research Platform." Its products are used in over 400 China hospitals.

Trials and Approvals

Jiangsu Hansoh Pharma has been approved to market Ameile (almonertinib) in China to treat non-small cell lung cancer (NSCLC) (see story). The once-daily tablets are aimed at NSCLC patients with metastatic epidermal growth factor receptor (EGFR) T790M mutation-positive disease who have progressed after another EGFR tyrosine kinase inhibitor therapy. Hansoh says Ameile is the second 3rd generation EGFR TKI approved for the indication. Hansoh completed a $1 billion IPO in Hong Kong during 2019.

1 2 3 4
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.