Week In Review: Long Hill Capital Closes $265 Million Fund For China Healthcare

Long Hill Capital of Beijing and Shanghai, which is focused on investments in the healthcare and consumer sectors, closed its second fund at $265 million (see story). The firm's first fund raised $125 million in 2016. Long Hill said the new fund "significantly exceeded” its original funding target, showing the success of its thesis-investing strategy. According to the firm, more than 80% of the investments so far have been in Series A rounds.  

Gossamer Bio of San Diego completed a $230 million Series B round led by Beijing-based Hillhouse Capital (see story). In January, Gossamer announced a $100 million initial capital raise. The company is developing immunology-based therapeutics for autoimmune, allergy/inflammation and immuno-oncology indications. The company has four products in development, three of them in clinical trials. It said it planned to use the capital for clinical trials of its early and late-stage candidates, along with more in-licensings.  

Japan's Terumo (TSE: 4543), a medical device company, has agreed to pay $130 million to acquire Essen Technology (Beijing), which makes drug eluting stents (see story). Terumo will also be responsible for a milestone payment, if sales goals are met. Terumo already sells interventional medical products in China, but the company does not market its own stents there. Essen reported revenues of $20 million per year.  

Beijing Allcure Medical completed a $103 million Series B round to support its standardized programs for China oncology imaging and radiation therapy treatment centers (see story). Allcure Medical offers comprehensive plans for radiology services to hospitals via its mdaccAutoPlan Radiotherapy Plan Algorithm, which includes everything from construction planning to standardized treatment plans and online consultation. China Capital Investment Group, a subsidiary of CICC, led the round. 

Bristol-Myers Squibb (NYSE: BMY) formed a new collaboration with Beijing's Tsinghua University to develop drugs for novel targets associated with autoimmune disease and cancer (see story). The University's Innovation Center for Immune Therapy will do the research on the projects while BMS will have an option to license the candidates. In 2012, BMS collaborated with Tsinghua to discover targets and map their 3-D structural biology. Now, the two entities are moving into drug development. BMS says the new collaboration shows its continued support of novel drug development in China. 

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