Deals and Financings
PW Medtech Group (HK: 1358), a China medical device company, paid $130 million to acquire Beijing Tianxinfu Medical Appliance, which makes regenerative medical biological materials and orthopedic implant products (see story). In November 2013, PW Medtech staged a $180 million IPO in Hong Kong. PW Medtech’s existing business is centered on orthopedic implants and infusion equipment.
Walvax Biotechnology (SHE: 300142), headquartered in China’s Yunnan Province, raised $72.8 million in a private placement (see story). Walvax is known as a vaccine company, with vaccines for both meningococcal disease and flu, though it ventured into monoclonal antibodies by acquiring a majority stake in Genor Pharma in December 2013. The company said it would use $51 million of its new capital to pay off existing loans.
Cellular Biomedicine Group (NSDQ: CBMG), a California-headquartered biotech with a China focus, will acquire Agreen Biotech of China for about $22 million, of which $3.3 million is cash and the remainder is CBMG stock (see story). Both companies are involved in cellular therapeutics. Agreen owns IP-protected tests and preparation technologies for cellular immunotherapies that it is developing to treat tumors, infections and immune disorders.
3SBio in-licensed China rights to a clinical-stage treatment for acute leukemia from DiNonA Inc., a Korean biopharma (see story). Leukotuximab is an anti-JL-1 antibody. 3SBio will make upfront and milestone payments, plus pay royalties on revenues. Specific details were not disclosed. In 2013, 3SBio was taken private by the company’s Chairman/CEO and a CITIC Private Equity company for $394 million.
Molecular Targeting Technologies, Inc. (MTTI) of Pennsylvania formed a collaboration with the National Health Research Institutes of Taiwan to develop novel cancer drugs using a delivery technology in-licensed by MTTI (see story). The collaboration has completed proof-of-concept studies in mouse models of colon cancer and will now begin work on identifying lead molecules of a small molecule drug conjugate.
Yabao Pharma (SHA: 600351) partnered with Changzhou Le Sun Pharmaceuticals to co-develop Le Sun’s leading molecule, a PLK/PI3K dual inhibitor that is in pre-clinical development for cancer (see story). Yabao acquired exclusive China rights to LS-008 in China while Le Sun Pharma retained most of the exclusive rights in other markets. Founded in 2011, Le Sun Pharma develops oral therapies for cancer.
Solasia Pharma of Tokyo has amended its agreement with Ziopharm Oncology (NSDQ: ZIOP) of Boston for darinaparsin, a novel treatment for leukemia. In 2011, Solasia in-licensed rights to darinaparsin for Japan, China and other Asia-Pacific countries. With the new agreement, Solasia has global rights to the drug (see story). The revised agreement calls for Solasia to pay Ziopharm up to $72.2 million in milestones, a royalty on net sales and a percentage of any sublicensing revenues. Solasia has already filed to begin clinical trials of darinaparsin in China.
Ventana Medical Systems, a Roche (SIX: ROG) subsidiary that offers companion diagnostic testing services, will team up with Quintiles to provide its services in China (see story). The services will be offered to biopharma companies conducting early-stage clinical trials of oncology drugs, which want to confirm the existence of a biomarker. Because China does not allow tissue samples to be shipped out of the country, Ventana needed a partner with a China lab.
Company News
The US medical device maker Medtronic (NYSE: MDT) officially opened a new manufacturing facility in Chengdu, where the company will produce hemodialysis machines aimed at second and third tier markets (see story). The machines are easier to move around and, with an easy-to-use interface and advanced sensors, they facilitate remote care – even home use.
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