Week In Review: LianBio Acquires Two IBD Candidates In $218 Million Deal

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LianBio, a Princeton-Shanghai company, in-licensed Greater China rights for two inflammatory bowel disease candidates from Landos Biopharma (Nasdaq: LABP) (see story). The $218 million deal includes $18 million upfront and $200 million in milestones. The two assets are novel, oral, gut-restricted agonists, both of which are in trials for ulcerative colitis and Crohn's disease. LianBio was formed by Perceptive Advisors, a US healthcare investor, and Landos was backed by Xontology, which partnered with Perceptive to form  two funds that invest in biopharma startups. 

Ji Xing Pharma of Shanghai acquired Greater China rights to a novel treatment for tachycardia from Milestone Pharma (Nasdaq: MIST) in a $127.5 million agreement (see story). Ji Xing's backer, RTW Investments, a New York company focused on innovative medicines for China, will make a $15 million upfront payment to Milestone and invest $5 million in the company. Ji Xing will be responsible for up to $107.5 million in milestone payments. Milestone is conducting a US Phase III trial of the candidate, etripamil, a nasal treatment for paroxysmal supraventricular tachycardia. 

Singapore's Hummingbird Bioscience closed a $125 million Series C financing round led by Novo Holdings (see story). The company is developing novel precision candidates by focusing on difficult-to-drug targets that have been biologically validated in cancer and autoimmune disease. Hummingbird has developed a platform based on a data-driven systems biology approach, which engineers next-gen therapies for unmet needs. It has announced three candidates, two of which have started clinical trials, one for HER3 cancers and another for advanced solid tumors. 

Duality Biologics, an innovative China-US biotech company, closed a $90 million series B financing (see story). Founded in 2020, DualityBio develops bispecific and Antibody-Drug Conjugate (ADC) drugs for oncology and autoimmune indications. It has built an internal pipeline of nearly 10 novel Best-in-Class and First-in-Class candidates, including several candidates in the IND stage. DualityBio has China operations in Shanghai and Suzhou and a US facility in Princeton. The B round was led by Lilly Asia Ventures. 

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