Week In Review: Tasly Biopharma Completes Pre-IPO Round At $1.9 Billion Valuation

Tasly Biopharma (SHA: 600535) of Shanghai raised $84.5 million in new capital from a group of investors that included Ally Bridge (see story). The funding is a pre-IPO round as Tasly is planning to list on the Hong Kong Exchange. The investors received a 4.5% stake in Tasly Biopharma, implying a $1.9 billion pre-IPO valuation. Tasly Biopharma is the novel drug development arm of Tasly Pharma. As a separate part of the transaction, Transgene (P: TNG) transferred its half of a China drug JV to Tasly in exchange for $48 million of stock, raising the deal's value to $132.5 million.  

Tasly Biopharma (SHA: 600535) paid $48 million in stock to buy out its China JV partner Transgene (P: TNG), which holds China rights to two Transgene products: T601, an oncolytic virus, and T101, a therapeutic vaccine (see story). The stock represents 2.53% of Tasly Biopharma's capital after a pre-IPO investment round, which priced at the same time as the Transgene transaction. Tasly Biopharma, the novel drug subsidiary of Tasly Pharma, has announced plans to conduct a Hong Kong IPO. The Transgene deal values the Tasly Biopharma at $1.9 billion.  

GT Healthcare Capital, a China healthcare focused fund, and Sonder Capital of Silicon Valley closed a $26.6 million round in Potero Medical of San Francisco (see story). Potero is developing the Accuryn® Monitoring System, a urinary catheter that includes a smart sensor to monitor patients' vital signs in real-time. Intended for ICU patients, the device provides readings for intra-abdominal pressure, urine output and core body temperature. Potero says Accuryn offers early detection of Acute Kidney Injury (AKI), a serious condition that afflicts about half of all ICU patients.  

Beijing's Hillhouse Capital and Sirona Capital of Australia co-led a $15 million Series C-1 funding for Antiva Bioscience, a South San Francisco biopharma developing topical treatments for pre-cancerous lesions caused by HPV infection (see story). Currently, Antiva is testing its lead compound, ABI-1958, for safety and efficacy in two Phase Ib clinical trials. Antiva said Hillhouse would be helpful in forming partnerships to develop its products in China, an area of high incidence for HPV and cervical cancer.  

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