Week In Review: Eddingpharm To Pay $375 Million For Two Lilly Antibiotics And A Suzhou Manufacturing Facility

Eddingpharm, a Hong Kong-headquartered China in-licensing company, agreed to pay $375 million to acquire China rights for two off-patent antibiotics from Lilly (NYSE: LLY) and the Suzhou factory that makes the antibiotics (see story). Eddingpharm will pay $75 million upfront and $300 million when the deal closes, which is expected to be late 2019 or early 2020. The two antibiotics are Ceclor (cefaclor) and Vancocin (vancomycin). Lilly said the transaction will allow the company to concentrate on its core therapeutics areas.

Tencent Trusted Doctors, a China on-line/off-line provider of medical services, raised $250 million in a round led by Tencent Holdings (HK: 0700), Country Garden Holdings and Sequoia Capital (see story). The funding was carried out at a $1 billion-plus valuation. In 2018, Tencent Trusted Doctors was formed by merging Tencent Doctorwork with Trusted Doctors. The merged company now operates nearly 50 clinics and connects 440,000 certified doctors with more than 10 million patients online. It plans to have more than 500 offline medical institutions in China by 2021.

WuXi AppTec (SHA: 603259; HK: 2359), China's largest CRO, will pay $46.4 million to acquire a 15% outstanding stake in its STA Pharma, WuXi's small molecule manufacturing division (see story). In 2014, WuXi AppTec sold the shares to STA management and investors, and then listed STA on China's NEEQ, an over-the-counter exchange. It withdrew the listing last month. In 2017, WuXi AppTec merged STA into its small molecule R&D division so that clients would have a full complement of CRO/CDMO services available from a single company.

Sirnaomics, a US-China company developing RNAi therapeutics against cancer and fibrotic diseases, completed a $22 million C2 round from China investors, bringing the total C funding to $47 million (see story). The C2 round was led by CR-CP Life Sciences Fund, a Hong Kong JV formed by China Resources and Charoen Pokphand Group, two Asian conglomerates. Sirnaomics will use the proceeds to support clinical trials of its RNAi candidates, while it advances its technology platforms. Sirnaomics is headquartered in Maryland with China operations in Suzhou and Guangzhou.

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