Week In Review: Gan & Lee To Raise $266 Million In Shanghai IPO

Deals and Financings

Gan & Lee, China's largest domestic maker of insulin products, plans to stage a $226 million IPO in Shanghai (see story). China's security regulator has approved Gan & Lee's application. Founded in 1998, Gan & Lee produced China's first recombinant insulin, Gansulin®, which was followed in 2001 by the short-acting insulin analog Prandilin® (lispro), and then China's first long-acting insulin analog Basalin® (glargine) in 2002. Gan & Lee is the only China company to market all three generations of insulin-type products. Gan & Lee is headquartered in Beijing. 

Vivo Capital, a California-China healthcare investment firm, has closed an early stage healthcare VC fund, the Vivo PANDA Fund with more than $100 million (see story). Traditionally, Vivo has looked for later-stage investments. In 2015, Vivo closed its $750 million eighth fund, which focused on China revenue-stage life science companies. The new fund will invest in innovative healthcare companies, including pharmaceuticals, biotechnology, medical devices and diagnostics, with an eye toward building cross-border partnerships. Vivo now manages over $1.8 billion. 

The takeover battle for China health clinic operator iKang (NSDQ: KANG) is back on, according to an article in Caixin (see story). China Life Insurance is offering slightly more than $20 per share for iKang, the online business publication said. Previously China Life was bidding for iKang as part of a syndicate that included iKang's management and Yunfeng Capital, a private equity firm co-founded by Alibaba's (NYSE: BABA) Jack Ma. Two weeks ago, Yunfeng seemed to have won the fight by breaking away from the syndicate and offering $20-$25 per ADS on its own. The other two bidding groups backed away, rather than take on Yunfeng. 

Shenzhen Hepalink Pharma (SHZ: 002399), China's major heparin API company, will invest $60 million in TPG Biotechnology Partners V (see story). Two years ago, Hepalink put $22 million in TPG Biotechnology Partners IV. TPG, a US-headquartered firm known primarily as a PE specialist, invests in all stages of development in its biotech fund. It will pursue global opportunities in therapeutics, medical devices and healthcare services. 

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