Week In Review: Week's Deals Create New China Life Science Alliances

Luye Medical Group, an affiliate of Luye Pharma (HK: 2186), signed an MOU to bring international healthcare expertise to Chongqing (see story). Luye will commit $300 million to bring up-to-date healthcare to a large healthcare complex being built by the Jiangbei District of Chongqing. Luye will run the complex while the district will provide the facilities. In 2016, Luye Medical closed a $688 million deal to acquire Health Care Australia, a chain of 17 Australian hospitals. Despite its recent interest in healthcare delivery, Luye continues to expand its drug business: last month, Luye Pharma acquired the transdermal patch and implant business of Swiss pharma Acino for $269 million. 

Shanghai Kyee Technology raised $47 million for its two mobile healthcare applications, Quyiyuan and Quyi Hospital (see story): Quyiyuan booked $33 million in a B+ round from SBCVC, HighLight Capital and Baidu. Quyiyuan is an online service that schedules doctor appointments, shows lab test results and accepts payments. Quyi Hospital, a mobile service providing healthcare consults to remote areas, raised $14 million from SBCVC, CDH Venture Partners and other investors. The parent company, Kyee Technology, manages medical records for hospitals. 

Shanghai Mab-Venture Biopharma, a three-year old CRO/CMO, raised $35 million in a Series A round led by Prosperico Venture (see story). The company focuses on biologics, including biosimilars, bio-betters and novel biologic drugs. It partners with other companies, both domestic and international, to provide development and manufacturing services, and it is developing it own portfolio of drugs. The company expects to file INDs in the next two to three years. Mab-Venture will use the funds to expand its innovative antibody drug development platforms and production capacity. 

BGI, China's large genomics sequencing company (previously known as Beijing Genomics Institute), led a $30 million Series A round in Beijing Gene+ Technology, an oncology gene testing and precision medicine start-up (see story). The funding is said to be the largest in a China precision medicine and liquid biopsy testing company to date. It may also be a first for BGI, which usually forms partnerships rather than making direct investments. BGI has its own diagnostics subsidiary. Green Pine Capital Partners of Shenzhen and Shanghai Huoshanshi Capital also participated. 

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