Week In Review: CStone Pharma To Develop Novel Drugs For China With $150 Million In Startup Capital

CStone Pharma, a Shanghai-Suzhou newco, raised $150 million in a Series A round to license novel drugs that address unmet China chronic disease needs, focusing on immuno-oncology; Medbanks Network Technology of Beijing, a company building a China oncology database, closed a $30 million B round led by Tencent; ASLAN Pharma of Singapore raised $23 million in a pre-IPO financing round; Ali Health, the online healthcare subsidiary of Alibaba, paid $2.5 million to acquire Wuqiannian Medicine, which has a license to sell OTC products on the internet; Dehaier Medical of Beijing will use China Sciences Group's elder care cloud-based health management platform to distribute its sleep apnea medical devices; and BeiGene, a Beijing company developing novel cancer treatments, dosed the first patient in a Phase I trial that combines two of its immuno-oncology drug candidates.