Week In Review: CANbridge Licenses LogicBio's Adeno-Associated Virus For Gene Therapies In $591 Million Deal

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Deals and Financings

  • CANbridge Pharma of Beijing acquired a global license to LogicBio’s adeno-associated virus (AAV) sL65 in gene therapy candidates for Fabry and Pompe disease treatments (see story). CANbridge also will have an option on sL65 for two additional indications and an option on LogicBio's lead drug, LB-001, in China. CANbridge will make a $10 million upfront payment for the two Fabry and Pompe candidates. If the other two options are exercised and all milestones are achieved, CANbridge would make $581 million in payments. Based in Boston, LogicBio develops gene therapies for rare diseases in children. 
  • CANbridge Pharma of Beijing has acquired Greater China rights to develop maralixibat, a treatment for a set of rare inherited childhood liver diseases caused by impaired bile flow (see story). Mirum Pharma (MIRM) is developing maralixibat, a clinical-stage oral medication, for Alagille syndrome, progressive familial intrahepatic cholestasis, and biliary atresia. CANbridge will pay $11 million upfront and be responsible for $109 million in milestones, plus royalties. It will also oversee Mirum’s clinical sites in China to accelerate enrollment of a global Phase IIb maralixibat test for biliary atresia.
  • VivaVision Biotech of Shanghai completed a $46 million Series D financing to develop novel drugs for chronic ocular or dermal inflammatory diseases (see story). VivaVision is developing four molecules including its lead candidate, VVN001, a treatment for dry eye that is being tested in a Phase II study in the US. The company is also developing products for glaucoma. VivaVision was originally incubated by Vivo Biotech, a structure-based drug discovery CRO. The D round was led by Sequoia Capital China. 
  • Adcentrx Therapeutics, a Shanghai-San Diego startup, closed a $50 million Series A financing to develop next-gen ADC candidates for cancer and other serious diseases (see story). The company will accelerate breakthroughs in protein conjugate therapies, which combine the precision of biologics with powerful small molecule payloads. The financing was led by CBC Group (formerly C-Bridge Capital). Zoo Capital, Boyu Capital's venture arm, also joined the round. 
  • Tianhong Shengjie, a Suzhou company developing medical devices for venous diseases, completed a $12 million Series B financing (see story). Founded in 2016, Tianhong Shengjie claims to be the first China novel medical device company developing interventional devices with independent IP. In five years, the company has registered four products for use in China. New investors in the round include Guolian Investment, Lotus Lake Ventures, Purple Bell Startups, and Ningbo Kangtuo. 
  • Sirnaomics Biopharma (Suzhou) out-licensed Greater China rights for its anti-influenza siRNA therapeutic candidate to Walvax Biotech, a Kunming vaccine company (see story). Walvax made a $6.4 million upfront payment and will also be responsible for undisclosed milestone and royalty payments. To develop STP702, Sirnaomics identified potent siRNA sequences that target highly conserved regions of influenza viral genes, a combination that exhibited broad anti-influenza activity. The nanoparticle-enhanced siRNA delivery also improves the candidate's anti-influenza activity, which is higher than marketed flu products, the company said. 
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