Deals and Financings
Beigene, a Beijing biopharma, filed to raise $100 million in a US IPO (see story). The company develops novel, molecularly targeted and immuno-oncology drugs to treat cancer. Founded five years ago, Beigene currently has four drugs in clinical trials and a number of other molecules in preclinical development. Last week, another prominent China novel drug developer, Hutchison China MediTech, also filed for a $100 million US IPO. The two initial offerings run counter to a three-year trend that has taken almost all US-listed China biopharmas private.
ZY Investments, a Chinese healthcare-focused private equity fund headquartered in Beijing, has teamed up with Sundiro Holding, a motorcycle manufacturing and coal mining company located in Hainan province, to establish a $473 million healthcare investment fund (see story). The new fund intends to invest in private Chinese healthcare companies. The goal will be to use M&A to consolidate the companies and/or to restructure the assets of its portfolio companies.
Genexine (KOSDAQ, 095700), a South Korean novel drug developer, out-licensed China rights to three clinical or near-clinical stage biologic drug candidates to Tasly Pharma (SHA: 600535) of Tianjin in a deal worth up to $100 million (see story). In addition, Tasly paid an undisclosed sum to acquire global rights for two Genexine preclinical molecules. For the clinical-stage assets, Genexine will receive $20 million upfront and up to $80 million in development and commercial milestones. Tasly will also pay royalties on sales. A Tasly subsidiary, Tasgen, will be responsible for development of the Genexine products.
Genexine (KOSDAQ, 095700), a South Korean novel drug developer, out-licensed China rights to three clinical or near-clinical stage biologic drug candidates to Tasly Pharma (SHA: 600535) of Tianjin in a deal worth up to $100 million (see story). In addition, Tasly paid an undisclosed sum to acquire global rights for two Genexine preclinical molecules. For the clinical-stage assets, Genexine will receive $20 million upfront and up to $80 million in development and commercial milestones. Tasly will also pay royalties on sales. A Tasly subsidiary, Tasgen, will be responsible for development of the Genexine products.
