Week In Review: JD Health Raises $3.5 Billion In Hong Kong IPO; Climbs 56% On First Day

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Deals and Financings

  • JD Health (HK: 6628) of Guangzhou, the online health-care arm of China e-commerce giant JD.com (JD), completed a $3.5 billion Hong Kong IPO and rose 56% in its first trading session (see story). JD Health offers 30-minute delivery of pharmaceuticals, online access to doctors and health services. It was spun out of JD.com last year. The company now has a $45 billion market capitalization. JD Health competes with TenCent (TCEHY) 's WeDoctor and Alibaba (BABA)'s AliHealth in the online health services space.  
  • 3D Medicines of Shanghai acquired greater China rights to two Sellas (SLS) cancer immunotherapies in an agreement worth up to $202 million (see story). 3DMed will develop and commercialize Sellas' late-stage candidate, galinpepimut-S (GPS), and its next-gen heptavalent immunotherapy, GPS+, currently in preclinical stage. The $202 million includes a $7.5 upfront payment and a $8 million near-term milestone. 3DMed will also pay royalties on sales. Sellas is headquartered in New York City; it acquired rights to GPS from Memorial Sloan Kettering Cancer Center.
  • Shanghai's Nuance Pharma closed a $181 million Series D financing to develop drugs for iron deficiency, pain management, and respiratory conditions (see story). The company will use the proceeds to develop its existing pipeline and acquire new assets. Founded in 2014, Nuance has been supported by VCs that include CBC Group (formerly C-Bridge Capital) and Matrix Partners China. At the time of the B round, CBC said its $35 million investment was a "unique funding model" that allowed the venture firm to build a China pharma.
  • Pegbio, a Suzhou biopharma, completed a $122 million financing to support its novel long-acting treatments prior to a planned IPO on Shanghai's STAR market (see story). Founded in  2008. the company has developed candidates aimed at diabetes, fatty liver, constipation, cardiovascular issues, gout, and other chronic diseases. PegBio in-licenses some products, including a diabetes drug from Pfizer (PFE), and develops others itself. The round was co-led by Jack Ma’s YF Capital, Yingke PE, and TF Capital.
  • SciNeuro Pharma, a new Shanghai-Philadelphia company, launched with $100 million in initial funding to develop novel CNS treatments (see story). The A round was co-led by Lilly Asia Ventures and Arch Venture Partners, and Min Li, PhD, a Venture Partner at Lilly Asia Ventures, serves as Founder and CEO of the new company. SciNeuro says it will develop new CNS treatments through internal R&D and in-licensings with an initial focus on China's market. Also participating in the A round were Boyu Capital, General Atlantic, Sequoia Capital China, TF Capital, and Zoo Capital.  
  • Jiangsu Wuzhong Pharma out-licensed global ex-China rights for an anti-angiogenesis cancer drug to Denovo Biopharma of Hangzhou and San Diego (see story). In a China Phase III trial, DB108 (endostatin) generally showed similar efficacy to already available drugs in NSCLC patients. It did, however, show significant improvement in median progression-free survival. Denovo, a company that uses biomarkers to define specific markets for failed drug candidates, will identify a targeted population for the drug using its whole-genome scanning platform technology. Terms of the agreement were not disclosed.  
  • Overland Pharmaceuticals, a Shanghai, Beijing, Boston biopharma, launched today with backing from deep-pocketed investor Hillhouse, but there were few details about its plans (see story). The company said it would form collaborations, most likely with Hillhouse partners, to bring innovative medicines to patients in Asia and the world. Overland was co-founded by Hillhouse and Hua Mu, MD, PhD, who has research expertise in autoimmune and infectious diseases. Ed Zhang, MBA, who most recently was Venture Partner for Hillhouse in Boston, serves as COO and Chief Business Officer.
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