WuXi AppTec (SHA: 603259; HK: 2359) began trading on the Hong Kong Exchange following its $967 million IPO, finishing the first day of trading at the offer price (see story). In May, the company completed a $354 million Shanghai IPO at a price that has now quadrupled after six months. From the start, WuXi planned to have a dual Shanghai-Hong Kong listing, following the low-priced Shanghai IPO with a higher priced Hong Kong offering. If the underwriters exercise their over-allotment option, the value of IPO will climb to over $1.1 billion. 

Shanghai Junshi Bioscience plans to raise up to $414 million in a Hong Kong IPO that will be priced later this week and begin trading on December 24 (see story). The IPO values Junshi at $1.9 billion. Seven cornerstone investors have agreed to buy $242 million of the offering. Founded in 2012, Junshi is developing immunoncology candidates and other biologics. It claims to be the first China company to file an NDA for an anti-PD-1 candidate and the first company to be approved for China tests of anti-PCSK9 and anti-BLyS mAbs. 

WuXi Biologics (HK: 2269) formed a $450 million partnership with England's Oxford BioTherapeutics to develop five novel bispecific antibodies, including a PD-L1 molecule, using its WuXiBody™ Platform (see story). OBT says the bispecifics will combine two second-gen immunoncology targeting mechanisms in a single molecule to improve efficacy. Oxford will make an upfront payment plus milestones and royalties, though details were not disclosed. 

WuXi Biologics (HK: 2269) will collaborate with Brii Biosciences, a China-US startup, to discover novel bispecific targets for infectious diseases and other immunologic disorders (see story). WuXi will employ its WuXiBody™ technology to discover the bispecific antibodies, and it will be Brii Bio's exclusive development and manufacturing partner for any novel bispecific antibodies. WuXi said its platform develops candidates that break through CMC barriers usually encountered by bispecifics and will speed up development by 6-18 months.

HiFiBiO Therapeutics, a Boston-Paris-Shanghai company, has formed an immune modulation JV, Victa Biotherapeutics, with Vikas P. Sukhatme, MD (see story). Using Dr. Sukatme's research, the JV will develop drug candidates based on myeloid-derived suppressor cells (MDSCs). HiFiBiO will apply its single-cell profiling expertise to identify first-in-class antibodies for various cancer indications. HiFiBiO develops novel antibody drugs that treat cancer and autoimmune disorders. Victa has an option to license IP for any candidates that show promise as therapies.

Trials and Approvals 

Zai Lab (Nasdaq: ZLAB) of Shanghai announced that the China National Medical Products Administration (NMPA) accepted its NDA for Zejula (niraparib), a novel Category 1 PARP1/2 drug -- the first Zai NDA submission accepted in China (see story). The candidate is indicated for maintenance treatment of patients with recurrent ovarian and fallopian tube cancer who are in a complete or partial response to platinum-based chemotherapy. According to Zai, Zejula is a potent, highly selective PARP1/2 inhibitor that does not require prior testing for BRCA mutation.

Suzhou Innovent Biologics (HKEX: 01801) reported its Avastin biosimilar produced positive results in two China clinical trials (see story). IBI305, a VEGF inhibitor, met its primary endpoints in two randomized clinical trials that compared the candidate to Roche's Avastin: 1) a Phase III trial in 450 patients with advanced non-squamous non-small cell lung cancer (NSCLC) and 2) a pharmacokinetic study in 100 healthy volunteers. Innovent plans to release details from the two trials in future scientific journals and conferences. 

Cerveau Technologies, a partnership between Beijing Sinotau Pharma and Enigma Biomedical of Toronto, will start a Singapore trial of its PET imaging agent for neurofibrillary tangles (NFTs) in the brain, the first Asia test of the agent (see story). Cerveau develops diagnostics and technology for neurodegenerative disorders including Alzheimer's disease. It in-licensed global rights to the agent, MK-6240, from Merck (NYSE: MRK) in early 2017 and has formed numerous collaborations around the globe to test its efficacy. Sinotau holds China rights to the imaging agent. 

Company News

Lonza Group, a Swiss company that offers CDMO services and lab products, announced plans to partner with GE Healthcare to build a biologics manufacturing facility in Guangzhou, using GE's KUBio platform (see story). Because the prefabricated facility reduces construction/approval times, Lonza expects it will be operational in 2020. Previously, Lonza offered CDMO scale-up and production for APIs in China, also from a Guangzhou facility. The company will hire and train over 160 staff for the new biologics facility.