Week In Review: New Deals Fund China Life Science Innovation

Deals and Financings

Beijing Allcure Medical Technology, a radiology oncology startup developing big data/cloud computing applications, raised $27 million in an A+ funding round (see story). Allcure plans to use the mdaccAutoPlan® radiotherapy algorithm to automatically produce treatment plans for radiation oncology. Zheng Cheng, the founder of Allcure, was COO of China's Concord Medical (NYSE: CCM), which operates diagnostic and oncology radiological centers in China hospitals. The capital came from two investors, Zhengheci Capital and Lian Fund. Previously, Allcure raised $4.5 million from Lian Fund. 

CBT Pharmaceuticals, an innovative oncology drug subsidiary of Crown Biosciences, closed a $9.75 million Series A round led by OrbiMed Asia (see story). Founded earlier this year, CBT received its original $5 million in startup capital from CrownBio. The company will use the funds to conduct China-US clinical trials on two of its four oncology candidates. CrownBio, a preclinical US-China CRO/CMO focused on cancer and metabolic diseases, applied to list on the Mainboard of Taiwan's GreTai Securities Market one month ago. 

ASLAN Pharma of Singapore in-licensed global rights to a novel immuno-oncology antibody that targets RON (Recepteur d’Origine Nantais) from Singapore’s A*STAR (Agency for Science, Technology and Research) (see story). An overexpression of RON, a tyrosine kinase, is associated with increased tumor metastasis. A*STAR’s p53 Laboratory will continue to be responsible for the preclinical development of the antibody, while ASLAN will design an innovative clinical development plan. The two entities have formed a three-year research collaboration to advance development of the drug candidate. 

Fosun International (HK: 0656), China's largest conglomerate and the parent of Fosun Pharma (SHA: 600196; HK: 2196), plans to announce a liquidity event for its healthcare assets before the end of the year (see story). It will be an IPO or an infusion of private equity, said Fosun Chairman Guangchang Guo. Hospitals require large amounts of capital investment, and Fosun, an active M&A player, always wants more capital. In August, Fosun Pharma announced it will pay $1.3 billion for an 86% interest in India's Gland Pharma, a maker of injectible drugs. 

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