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Week in Review: Innovent Acquires Novel Atopic Dermatitis Treatment in $267 Million Pact
Deals and Financings:
Suzhou Innovent Bio acquired
Shanghai Newsoara BioPharma in-licensed greater
CBMG, a Maryland-Shanghai biopharma, raised $120 million in a Series A funding to develop its immunoncology programs (see story). CBMG develops novel cellular immunotherapies to treat cancer and degenerative diseases, with an emphasis on CAR-T products for cancer and stem cell therapies for degenerative diseases. In February 2021, CBMG completed a $383 million go-private transaction from its previous NASDAQ listing. The A round was led by AstraZeneca-CICC Fund, Sequoia Capital China and Yunfeng Capital.
Anji Pharma, a Cambridge, MA-Shanghai in-licensing company, closed a $70 million Series B financing to seed its oncology pipeline and continue global trials of its two metabolic assets (see story). CR Capital, the VC arm of China Resources, was the only investor in the round. Anji conducts joint US-China clinical trials of its candidates. The company uses a "dynamic equity" approach to its joint venture partnerships, aiming to make smaller upfront payments for the candidates, and then earning additional equity for milestones and sharing development responsibility with the originator company.
Shenzhen Salubris Pharma acquired China rights to a dual glucagon-like peptide-1 receptor/glucagon receptor agonist from D&D Pharmatech of South Korea (see story). Salubris, which will make a $4 million upfront payment, will develop the candidate for obesity, nonalcoholic steatohepatitis (NASH) and diabetes. It will also pay milestones and double digit royalties on sales. The candidate, DD01, is currently being tested in a US Phase I clinical trial. In preclinical models, DD01 was more effective than an approved GLP-1R agonist.
Worg Pharma of
Bio-Thera Solutions (SHA: 688177) of
Jiangsu Recbio Technology and Shenzhen Rhegen Biotech established a joint JV to pool their knowledge of mRNA vaccine technology (see story). Recbio has built a portfolio of 11 vaccine candidates, while Rhegen believes it has the world's leading mRNA technology. Rhegen has developed three technology platforms for mRNA vaccines. The JV plans to apply the latest mRNA knowledge and novel adjuvant technology to develop a next-gen COVID-19 vaccine along with vaccines for other major infectious diseases and therapeutic cancer vaccines.
iX Biopharma of Singapore struck a deal for
Trials and Approvals
Harbour BioMed (HK: 02142) has dosed the first patient in a China Phase III trial of its anti-FcRn antibody as a therapy for myasthenia gravis (see story). In its Phase II proof -of-concept test, batoclimab showed statistically significant improvement in efficacy as well as a favorable safety and tolerability profile. HBM is developing batoclimab as a pipeline-in-a-product to treat multiple pathogenic-IgG mediated autoimmune diseases. Earlier this year, the candidate was granted Breakthrough Therapy Designation in