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Week in Review: China Resources Pharma Files for $369 Million China Life Science Investment Fund
Deals and Financings
China Resources Pharmaceutical (HK: 3320) filed with the
Chi-Med (Hutchison China MediTech) (AIM/NSDQ: HCM) announced a $262 million secondary offering of American Depository Shares (see story). Underwriters will have a 30-day option to purchase an additional $39.3 million of ADSs at the offering price, bringing the total to $301.3 million. Chi-Med will use the funds to continue developing its portfolio of novel drugs, the "Innovation Platform" as the company calls it. It did not identify any specific large projects that the new capital would underwrite. Pricing of the offering has not been set.
Maxhealth Medicine of Wuxi, China struck a deal with Switzerland's Legacy Healthcare to commercialize Legacy's CG 210 in Mainland China and Macao (see story). CG210 is a botanical treatment for hair loss that has been shown to slow the rate of hair loss. Legacy develops innovative patentable botanical drugs in oncology supportive care and dermatology. Maxhealth, which commercializes drugs and medical devices in
Trials and Approvals
Tianjin CanSino Biologics announced CFDA approval of its Ebola virus vaccine for
Denovo Biopharma, a San Diego-Beijing company, announced approval from the FDA to conduct a US Phase III trial of its lead drug in patients with Diffuse Large B Cell Lymphoma (DLBCL) (see story). The same trial (ENGINE) is already approved in
Transgene (Euronext: TNG) reported its therapeutic hepatitis B vaccine was safe and promoted immunogenicity in a Phase I/Ib trial (see story). A JV formed by
BeyondSpring (NSDQ: BYSI) of New York enrolled the first patient in the China arm of a global Phase II/III clinical trial of plinabulin for the prevention of chemotherapy-induced neutropenia (CIN) (see story). Earlier this year, plinabulin started a China Phase III clinical trial as a immuno-oncology agent in patients with non-small cell lung cancer. BeyondSpring expects to report top line results later in 2017 from the Phase II portion of the neutropenia trial.
Disclosure: none.
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