LianBio Launches to Bring US Assets to China; Announces $719 Million of In-Licensings

Perceptive Advisors is launching LianBio to bring US biopharma assets to China (see story). A successful fund operator, Perceptive has made investments in 150 public and 80 private biopharmas and has strong connections to them. With a paradigm-shifting assets and top drug developers in China, LianBio plans to build a strong China portfolio. Dr. Debra Yu, MD, President and Chief Business Officer of LianBio, told ChinaBio® Today in an exclusive interview, "Our unique feature is – we are moving beyond mere innovation to focus on paradigm shifting medicines, leveraging Perceptive's relationships into biotech’s high flyers." We talked with Perceptive's and LianBio's teams to learn more about them and their China plans.

LianBio, a new Princeton-Shanghai company founded by Perceptive Advisors, acquired China rights to two BridgeBio (NSDQ: BBIO) oncology assets in a $531.5 million agreement (see story). Besides the two oncology assets, LianBio has preferential access to more than 20 BridgeBio drug development candidates for four years. BridgeBio will receive $26.5 million in upfront and milestone payments, plus up to $505 million in future milestones, and additional tiered royalty payments. BridgeBio made an investment in LianBio to increase its equity interest, and BridgeBio CEO Neil Kumar will join LianBio's board of directors.

LianBio, a Princeton-Shanghai company, will collaborate with MyoKardia (NSDQ: MYOK) to develop and commercialize MyoKardia's cardiovascular drug, mavacamten, in China and other Asian territories (see story). The agreement has an announced value of $187.5 million. MyoKardia will receive an equity stake in Lian Cardiovascular, and Tassos Gianakakos, MyoKardia’s CEO, will be appointed to LianBio’s Board of Directors. LianBio, which announced its launch today together with in-licensings from MyoKardia and BridgeBio, will fund all development and commercial expenses for mavacamtem in the China/Asia countries.

Deals and Financings

Tianjin CanSino Biologics (HK: 6185; SHA: 688185) raised $748 million in an IPO on the Shanghai STAR exchange and climbed 88% in its first trading session (see story). In March 2019, the vaccine company completed a $160.5 Million IPO in Hong Kong. CanSino, which is in the forefront of China's drive to develop a COVID-19 vaccine, has announced a 5,000 person Phase III trial of the vaccine in Saudi Arabia. CanSino's candidate, delivered by an adeno-associated virus serotype 5 (AAV5) vector, was China's first COVID-19 vaccine to begin clinical trials, and it has been approved for use in military personnel.

Cellular Biomedicine (NSDQ: CBMG), a biopharma headquartered in Maryland with operations in Shanghai, signed a definite $383 million go-private merger agreement with a company formed by management and an investment syndicate (see story). CBMG is developing immunotherapies for cancer and stem cell therapies for degenerative diseases. The agreement was set at $19.75 per share, slightly higher than the original $19.50 per share offered last fall and 31% above the company's average price over the last 30 days.

Viva Biotech, a Shanghai structure-based drug discovery CRO, will pay $368 million to acquire an 80% stake in Zhejiang Langhua Pharma, a CDMO and API company (see story). Viva said the acquisition will add services that transform Viva into a one-stop biotech CRO platform. Viva offers its structure-based drug discovery services to biotechnology and pharmaceutical customers worldwide via two models: cash-for-service (CFS) or equity-for service (EFS), which includes investment and incubation services for high-potential biotech start-ups.

Shanghai Pharmaceuticals (SHA: 601607; HK :02067) in-licensed China rights to an intratumoral oncolytic virus program developed by Shenzhen's ImmVira in an agreement worth up to $165 million (see story). ImmVira's MVR-T3011 oncolytic virus program is aimed at developing novel immunotherapies for malignant solid tumors. MVR-T3011 is a genetically engineered oncolytic herpes simplex virus-1 (oHSV-1) designed to enhance the oncolytic effects of oHSV-1. Through gene recombinant technologies, the virus expresses PD-1 antibody and interleukin-12 immune modulators.

Shanghai Hanyu, a cardiovascular medical device company, completed a $72 million Series D round financing (see story). The round was co-led by Highlight Capital, CITIC Private Equity Funds Management, and Yingke PE. Founded in 2016, Hanyu's core product is Valve Clamp, a minimally invasive mitral valve interventional device used to treat mitral valve regurgitation diseases. Valve Clamp is the first China-developed mitral valve device to start clinical trials. Hanyu expects Valve Clamp will be the second mitral valve repair system marketed in China after Abbott’s MitraClip.

MicuRx Pharma, a San Francisco-Shanghai biotech developing antimicrobial treatments for difficult infections, closed a $43 million Series D round from China investors (see story). MicuRx is developing four antimicrobials, including its lead product, contezolid (MRX-I), which is under NDA review in China. The candidate completed a successful China Phase III trial last year in patients with complicated skin and soft tissue infection (cSSTI). The Series D financing was led by Huagai Capital with Sinopharm-CICC and Zero2IPO Asset Management participating.

Vision Medicals of Guangzhou raised $29 million in a Series B funding to support its genetic testing services for infectious diseases (see story). The two-year old company completed a $14 million A round last year. Vision has two platforms: pathogen metagenomics (mNGS) diagnosis and CRISPR-Cas12/13 rapid diagnosis technology. In March, Vision's SARS-CoV-2 Clinical Sequencing assay, which uses next-generation sequencing, was approved for use in Europe. The investment was led by CDH Investments and included Cash Capital along with existing investors Volcanics Venture and Zhongjin Qichen.

AnHeart Therapeutics of Hangzhou raised over $20 million in an over-subscribed Series A+ financing round (see story). The company will use the proceeds to support global Phase II trials of taletrectinib, a selective next-gen ROS1/NTRK inhibitor, along with advancing its other oncology assets. Because taletrectinib is capable of crossing the blood-brain barrier, it is expected to be effective against brain metastases in NSCLC. AnHeart will test the candidate in patients who have NSCLC with ROS1 mutations or advanced/metastatic solid tumors with NTRK mutations.

Suzhou Zanrong Pharma completed a $20 million Series A+ financing to develop small molecule drugs for cancer indications (see story). It has one candidate approved to start clinical trials and others in pre-clinical development. Suzhou Zanrong was founded in 2019, one year after Shanghai Zanrong was formed. Both companies are affiliated with Zion Pharma of Hong Kong, sharing management and scientific teams. The financing was led by Sherpa Venture Capital and Qiming Venture with participation from Med-Fine Capital.

MicuRx Pharma, a San Francisco-Shanghai anti-infectives company, received $7.8 million in non-dilutive funding to support development of MRX-8, a novel antimicrobial (see story). MicuRx said MRX-8 belongs to the same class of antibiotics as colistin and polymyxin B (PMB), but it expects MRSX-8 will prove to have a better side effect profile. The funds came from a global anti-infectives partnership, CARB-X. Two days ago, MicuRx announced it raised $43 million in a Series D round.

Deals and Financings

Suzhou Innovent Biologics (HK: 01801) reported positive interim data from a China Phase III trial of Tyvyt®, the company's PD-1 treatment, as a first-line treatment for patients with non small cell lung cancer (NSCLC) (see story). Tyvyt®, in combination with Alimta® (pemetrexed) and platinum chemotherapy, increased median progression-free survival to 8.9 months compared to 5.0 months for the two drugs without Tyvyt. In April, Innovent and Eli Lilly (NYSE: LLY), its Tyvyt partner, filed for China approval of the combination therapy in NSCLC.

Disclosure: none.