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Week in Review: Sino Biological Stages $772 Million IPO on ChiNext Exchange

publication date: Aug 21, 2021
author/source: Richard Daverman, PhD

Deals and Financings

Sino Biological (SHZ: 301047), a Beijing company that offers biological research reagents and related contract research services to global markets, completed a $772 million IPO on Shenzhen's ChiNext Exchange (see story). On the first day of trading, the stock closed 68% higher at a market capitalization of $5.2 billion. The company, which was founded in 2007, said the IPO funds would represent a new starting point, allowing Sino Biological to expand its existing capabilities.  

Shanghai MediTrust Health Technology completed a $308 million Series C funding to support its China healthcare services platform (see story). Established in 2017, MediTrust claims to be China's leading private healthcare payer using its proprietary platforms for both healthcare and insurance companies. The company seeks to provide high-quality services that help lower medical costs. Care2Pay, a healthcare benefit platform, collaborates with more than 50 pharmas and insurers and over 2,000 Direct-to-Patient China pharmacies. It provides access to novel drugs at a lower price.  

Beijing InnoCare (HK: 09969) in-licensed greater China rights to a CD19 targeting mAb from Delaware-based Incyte (NSDQ: INCY) in a $117.5 million agreement (see story). Tafasitamab is a humanized Fc-modified cytolytic CD19 targeting monoclonal antibody. It mediates B-cell lysis through apoptosis and an immune effector. InnoCare will pay Incyte $35 million upfront and up to an additional $82.5 million in milestones, plus tiered royalties. In the EU, tafasitamab is conditionally approved for adult patients with diffuse large B-cell lymphoma.  

Pulse Medical Imaging Technology (Shanghai) completed a Series C financing of over $100 million for its imaging-based diagnoses of coronary artery disease (see story). The company's products offer fast computation of fractional flow reserve (FFR) from multiple imaging data. Its angiography-based approach and intracoronary OCT-based approach (OFR) are precise, affordable tools for FFR in interventional cardiology. Pulse has formed a research partnership with Shanghai Jiao Tong University. The C round was co-led by existing investor GL Ventures, a Hillhouse company, along with Philips, Goldman Sachs and Boyu Capital.  

Scivita Medical Technology of Suzhou closed a $61 million Series B round to continue development of its endoscopy products (see story). Scivita's products include flexible and rigid endoscopy devices that feature ultra-high-definition visualization (such as 4K UHD visualization), 3D visualization , special optical imaging (such as fluorescence imaging), ultra-fine endoscopic imaging and endoscopic consumables. The funding included Hudson Bay Capital Management and Prime Capital. Scivita completed an A round of undisclosed size earlier this year.  

Arthrosi Therapeutics of San Diego will form a Guangzhou JV to develop its clinical-stage gout treatment in China (see story). Arthrosi founded the JV with Ruiao Biopharma, a subsidiary of China's ApicHope, (SHZ: 300723), which will contribute $34 million for clinical development in China and invest $25 million in Arthrosi's C funding round. Arthrosi said AR882 has produced Phase I/IIa data with high efficacy and safety. Also, the JV will advance AR035, an EGFR exon 20 inhibitor targeting non-small cell lung cancer, into the IND-enabling stage.  

Ranok Therapeutics, a Hangzhou-Boston company, closed a $40 million Series B funding to advance its innovative targeted protein degradation technology (see story). The company has developed a proprietary targeted protein degradation platform technology, CHAMP (Chaperone-mediated Protein Degradation). Chaperones are proteins that mark mis-folded proteins for degradation. The company plans to announce its lead program by the end of 2021. The B round was led by Lapam Capital and Shanghai Healthcare Capital, with Wu Capital, Zhongguancun Kaiyuan Capital also participating.  

Gracell Bio (NSDQ: GRCL), a Suzhou CAR-T company, acquired rights to FutureGen's CLDN18.2 antibodies, which it will use to develop novel immune cell therapies for solid tumors (see story). CLDN18.2 is a tumor biomarker that is overexpressed in a variety of tumors, including gastric or gastroesophageal junction cancers, pancreatic cancers and esophageal cancers. Gracell is developing several technologies to improve the efficacy and lower the cost of CAR-T therapies. It will make upfront, milestone and royalty payments to Palo Alto's FutureGen.  

Trials and Approvals

Suzhou Innovent Bio (HK: 01801) reported that its PD-1 inhibitor met an overall survival endpoint in a Phase III trial as a first-line treatment for gastric cancer (see story). Sintilimab is marketed as Tyvyt® in China. The Phase III trial evaluated sintilimab in combination with chemotherapy and compared to chemotherapy alone. The trial enrolled patients with advanced gastric or gastroesophageal junction (GEJ) adenocarcinoma. Innovent said sintilimab is the first PD-1 inhibitor to show efficacy in gastric cancer. It is approved for four types of cancer in China.  

Zhaoke Ophthalmology (HK: 6622) of Guangzhou said its dry eye disease treatment met the primary endpoint in a China Phase III trial (see story). Cyclosporine A (CsA) Ophthalmic Gel is administered once daily, as opposed to the twice-daily dosing of competing products. CsA is a proprietary hydrogel designed to stay on the cell surface longer, improving efficacy. In the Phase III trial, CsA showed a significant improvement in the inferior fluorescein corneal staining score. Zhaoke, an indirect non-wholly-owned subsidiary of Lee's Pharm (HK: 0950), develops Lee's portfolio of in-licensed ophthalmology drugs.  

Disclosure: none.


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