Week In Review: Keymed Completes $378 Million IPO In Hong Kong For Antibody Drugs

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Deals and Financings

  • Keymed Biosciences (2162.HK) of Chengdu completed a $378.5 million Hong Kong IPO to develop its portfolio of antibody candidates (see story). The company priced the IPO at the top end of the range, and its shares rose 28% in its first trading session. Founded in 2016, Keymed is developing nine products for autoimmune and cancer indications. It has developed an innovative antibody discovery platform consisting of monoclonal antibodies, antibody drug conjugates, and bispecific antibodies that use its proprietary T cell engager bispecific antibody platform.  
  • dMed-Clinipace, a China-US full-service clinical CRO, completed a $50 million Series C+ financing (see story). In April of this year, dMed and Clinipace announced their merger, which created a global company offering CRO services for oncology and rare diseases, with expertise in clinical development, regulatory, pharmacovigilance, and clinical analytics. The C+ round, which will help finance the merger, was led by Springhill Fund, with contributions from Rock Springs Capital and Superstring Capital. d-Med is headquartered in Shanghai and Clinipace in North Carolina.  
  • Shanghai I-Mab (IMAB) announced two partnerships to develop oncology candidates with China biopharmas that offer novel discovery technologies (see story). The company will work to develop new therapeutics with Immorna, a Hangzhou mRNA biotech company, and neoX Biotech, a Beijing AI-based R&D biotech. I-Mab will use Immorna's self-replicating mRNA platform, and it will identify up to 10 novel biologic candidates based on neoX's proprietary AI algorithm. Earlier this year , I-Mab announced collaborations with Complix for cell-penetrating antibodies and Affinity for masking antibodies.  
  • Abbisko Therapeutics of Shanghai out-licensed greater China rights for ABSK021 to Sperogenix (Shanghai) MedTech (see story). Sperogenix will develop the candidate only for non-oncology rare neurological diseases indications in China, with amyotrophic lateral sclerosis (ALS) as the first target. Abbisko will receive upfront and milestone payments as well as royalties on annual net sales from Sperogenix, while it continues to hold rights to the candidate for oncology diseases. ABSK021 is an oral, selective colony-stimulating factor 1 receptor (CSF-1R) antagonist.  
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