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Week in Review: Three More China Biopharmas Planning Hong Kong IPOs
Mabpharm Limited, a Taizhou biotech, will IPO in Hong Kong, the eleventh pre-revenue
Ascentage Pharma of
Zai Lab (NSDQ: ZLAB) is planning to list its shares on the Hong Kong exchange, according to unnamed sources, in a transaction that could raise up to $300 million (see story). One year ago, the company completed a $172 million NASDAQ debut offering. Zai is following the lead of BeiGene (NSDQ: BGNE), which raised $900 million in
Deals and Financings
China Biologic Products (NSDQ: CBPO), a Beijing blood products company, rejected a $3.9 billion management-led privatization offer, and will instead accept a $590 million private equity investment, led by a investment firm associated with management (see story). The management-led privatization was a response to CITIC's offer to buy CBP for $3.6 billion. Following the higher bid from management, CITIC withdrew its offer and CBP's board rejected the management privatization. CBP dropped $15.62 (15.5%) to $85.28 on news the takeover won't happen.
Harbour BioMed acquired global rights (ex-China) to a PD-L1 candidate from Sichuan Kelun-Biotech in a deal worth up to $350 million (see story). Kelun-Biotech is currently testing A167 (KL-A167) in several China Phase I and II trials among patients with lymphoma and solid tumors. Harbour plans to conduct A167 trials in combination with its own innovative compounds and in collaborations with partners' drugs. Harbour has an R&D site in
Harbin Gloria Pharma (SZE: 002437) restructured its development program by forming a $53 million consortium with four investors (see story). The consortium will have rights to four Gloria development-stage assets. 6 Dimensions, Boyu Capital and two other investors will acquire a 51% stake in Guangzhou Gloria Biotech for $27 million. Gloria will invest $26 million for the remaining 49%. The new subsidiary will be in charge of development of the four assets, including a PD-1 clinical stage candidate.
Oxford Biodynamics PLC (LON: OBD) raised $12.5 million from GL Capital Group, a
Trials and Approvals
Jiangsu Hengrui Medicine (SHA: 600276) was awarded
Roche (VX: ROG) received marketing authorization from the China National Drug Administration for Alecensa (alectinib) as a first-line treatment for ALK-positive non-small cell lung cancer (see story). The company noted the approval came just eight and nine months after EU and
Bio-Thera Solutions of Guangzhou said its Biologics License Application for a Humira biosimilar was accepted for review by the China National Drug Administration (CNDA) (see story). Humira (adalimumab) is used to treat arthritis, psoriasis and other autoimmune disorders. As part of its filing, Bio-Thera presented data from a PK/PD trial, and a Phase III confirmatory safety/efficacy study in ankylosing spondylitis. Bio-Thera's filing is the first adalimumab biosimilar BLA accepted for
Company News
Bristol-Myers Squibb (NYSE: BMY) will set the
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