Week In Review: Week's China Life Science Investments Total $800 Million

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Deals and Financings 

  • Harbour BioMed (HK: 02142) completed a $221 million Hong Kong IPO to continue its novel drug development (see story). Headquartered in Cambridge, MA, HBM has a drug discovery CRO in Rotterdam and its own drug development operations in Suzhou. The company has built a portfolio of in-licensed late stage projects and internally developed early-stage assets in immunology and oncology. Yesterday, HBM announced it out-licensed rights for a SARS-CoV-2 neutralizing antibody to its partner AbbVie (ABBV). In its first trading day, HBM's shares closed 11% lower.
  • Singlera Genomics, a San Diego-Shanghai genomics testing company, closed a $150 million Series B financing from China investors (see story). Founded in 2014, Singlera is developing genetic tests and molecular diagnostics for early screening of cancer. Earlier this year, Singlera announced its PanSeer assay used a single blood draw to detect five types of cancer up to four years before conventional diagnosis. The tests uses the company's patented methylation detection platform. The B round was led by the CICC Kai Tak Innovative Biomedicine Fund, and co-led by Detong Capital and Furong Investment.
  • SciClone Pharma (SCLN), a US company that in-licenses novel antibody therapies for use in China, acquired rights for two neuroblastoma drugs from Y-mAbs of New York in a $120 million agreement (see story). SciClone will pay $20 million upfront and as much as $100 million in milestones, plus royalties. Danyelza® (naxitamab-gqgk) is a US-approved treatment for relapsed/refractory high-risk neuroblastoma. Omburtamab is being developed for pediatric patients with CNS/leptomeningeal metastasis from neuroblastoma.
  • Overland Pharmaceuticals, a new Shanghai in-licensing company, announced its second drug partnership in two days: Overland will form a $117 million China JV with Allogene Therapeutics (ALLO) of South San Francisco to bring allogenic CAR-T drugs to China (see story). The JV, Allogene Overland, will have greater China rights to four off-the-shelf CAR-T candidates targeting BCMA, CD70, FLT3, and DLL3. Yesterday, Overland announced a $50 million JV with Switzerland's ADC Therapeutics to develop four antibody drug conjugate drugs in China. 
  • Overland Pharmaceuticals, a China in-licensing newco backed by Hillhouse Capital, will form a JV with Switzerland's ADC Therapeutics (ADCT) to develop four ADC Therapeutics antibody drug conjugate drugs in China and Singapore (see story). Overland will own 51% of the JV, which will be called Overland ADCT Biopharma, in exchange for a $50 million investment. A Shanghai, Beijing, Boston biopharma, Overland broke out of stealth mode last week with a plan to develop advanced technologies drugs in China, including ADCs, cell therapies and RNAi candidates.
  • dMed, a Shanghai-headquartered clinical CRO, completed a $100 million C round led by Fidelity Management & Research Company (see story). dMed claims a strong presence in clinical and regulatory services especially in China and the US. The company said the financing would lead to an IPO in the future. dMed calls itself a "next-gen" clinical CRO with efficient operations, IT services and expertise in cross-border global trials. The company was founded in 2016 by Lingshi Tan, who was previously general manager of China R&D for Pfizer (PFE).
  • Vivace Therapeutics, a San Francisco area biotech, closed a $30 million Series C financing to develop novel oncology therapies that target the Hippo pathway (see story). Vivace is led by Sofie Qiao, PhD, who previously served as managing director at WuXi Ventures, which supported the company in earlier rounds along with other China investors. The company expects to start clinical trials of its lead candidate in early 2021, targeting tumors dependent on activated YAP. The Series C round was led by Boxer Capital and joined by new investor RA Capital Management alongside existing investor Canaan Partners.
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