Week In Review: Shanghai Industrial To Start $7.3 Billion Biomedical Fund In 2019

Shanghai Industrial Investment, a state-owned conglomerate, plans to launch a $7.3 billion equity fund for China biopharma investments (see story). The company plans to begin raising $1.5 billion in January for the fund's first tranche. Few details about the fund are available; its existence is known only because Jun Zhou, CEO and chairman of Shanghai Industrial, announced the fund at the ninth State-Owned Assets Summit in Shanghai. Shanghai Industrial Holding (HK: 363), the parent organization, is majority owned by the Shanghai Municipal Government.  

Shanghai Junshi Biosciences (HK: 1877) rose 22% in its first trading session on the Hong Kong Exchange following its $394 million IPO (see story). Last week, Junshi announced its lead drug candidate, Tuoyi (toripalimab), an anti-PD-1 molecule, was approved by China's NMPA as a second-line treatment for melanoma. It is the first domestic PD-1 approved in China. Junshi has 13 products in development, five of them clinical stage. The IPO was completed at a nearly $2 billion valuation, and the company now has a market capitalization of $2.4 billion.  

Crystal Pharmatech, a Suzhou-New Jersey materials science CRO that focuses on solid state information for APIs and formulations, raised $14.5 million in venture capital (see story). The CRO develops crystallization processes for drug manufacturing. Three years ago, Crystal completed a $10 million A round. Founded in 2010, Crystal, which has business relationships with over 300 pharmas, is headquartered in Suzhou'sBioBay Park, with business offices and a lab in New Jersey.  

Venus Medtech, a Hangzhou medical device maker, closed its merger with Keystone Heart, a private Israeli-US company that makes TriGuard 3™, a cerebral embolic protection device (see story). In 2017, Venus acquired China rights to use the TriGuard to protect against cerebral embolisms during use of Venus' own transaortic valve replacement product, the first TAVR approved in China. The Keystone device is designed to protect all brain regions in patients undergoing cardiac procedures. Terms of the agreement were not disclosed.  

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Jack S. Chen 9 months ago Member's comment

$FGEN $$$ in 2019!