Week In Review: Korea's Hanmi Signs $4.2 Billion Deal With Sanofi

Deals and Financings

Hanmi Pharma (KSE: 128940) of Korea out-licensed global rights for three long-acting diabetes drugs to Sanofi (NYSE: SNY) in a deal worth $4.2 billion (see story). Hanmi will receive $435 million upfront and up to $3.8 billion in milestones plus royalties on sales. Hanmi is on a roll. Earlier this year, the company out-licensed a novel lung cancer therapeutic to Boehringer Ingelheim for $730 million and sold the rights for an autoimmune drug to Lilly (NYSE: LLY) for $690 million. Hanmi retained the right to co-promote the three long-acting diabetes drugs with Sanofi in Korea and China. 

Sinocare (SHZ: 300298), a Changsha company that makes blood sugar sensing devices, will pay $273 million to acquire Nipro Diagnostics of Fort Lauderdale, Florida (see story). Nipro makes glucose monitoring products for the US market and is a division of Nipro Industries, a Japanese medical equipment company. In the US, Nipro distributes its products under the True brand and also co-brands with retail outlets. Nipro Industries will continue to purchase diabetes products for distribution in some markets. 

Roche (SIX: RO, ROG) will invest $136 million to build a Roche Pharma Innovation Center in Shanghai's Zhangjiang Hi-Tech Park (see story). In 2004, Roche built its first R&D center in Shanghai. The new Innovation Center will be tasked with facilitating collaboration between Roche and local research entities. With an area of 14,000 square meters, the center will have space for 220 modular work areas. Roche plans to make Shanghai its third major R&D center, along with Basel and San Francisco. 

Bloomage BioTechnology (HK: 963), a China maker of aesthetic drug products, announced an $85 million investment from GIC, Singapore's sovereign fund (see story). Bloomage makes hyaluronic acid API and finished products. Earlier this year, the company set up a JV with Korea's Medytox (KS: 086900) to develop Medytox's botulinum toxin business in China. Bloomage said the GIC investment will help build its aesthetic medical business through organic growth and acquisitions. 

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