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Week in Review: Tasly Pharma Acquires Sutro ADC in $385 Million Deal
Deals and Financings
Shanghai Tasly Pharma (SHA:600535) acquired Greater China rights to an antibody-drug conjugate from Sutro Biopharma (NSDQ: STRO) of
Shanghai Innogen Pharma has closed a $120 million Series A round to support its Phase III trial of supaglutide, a GLP-1 agonist for diabetes (see story). It will also advance several other first-in-class programs and build a clinical-trial manufacturing facility. Earlier this year, Innogen raised $19 million in a Pre-A financing. Established in 2015, Innogen focuses on developing drugs for diabetes, obesity and diabetic complications. The financing was led by Youshan Capital and China Growth Capital. Other investors include CICC Qide Fund, V Star Capital and China Everbright Limited.
Shanghai Ark Biopharmaceutical in-licensed Greater China rights to a novel once-daily attention deficit hyperactivity disorder (ADHD) treatment Azstarys® from Commave Therapeutics of
Suzhou SyMap Medical raised nearly $100 million in an E Round financing to conduct clinical trials of its renal denervation devices (see story). The company also announced a strategic collaboration with
Sirnaomics (HK: 2257), a Maryland-Suzhou RNA biopharma, completed a $64 million IPO on the Hong Kong Exchange (see story). Sirnaomics says it is the first company to report positive Phase IIa clinical results in oncology for an RNAi candidate. The company priced its IPO on the low end of the predicted range, but moved almost 20% higher in its first trading session, giving Siranomics a market cap of $900 million. Its product portfolio consists of 16 candidates for rare diseases and drugs with large patient populations including oncology, fibrosis, medical aesthetics, antiviral and cardiometabolic indications.
Amador BioSciences, a Bay Area CRO, completed a $60 million Series B+ financing from
Great Bay Bio of Hong Kong closed a $10 million Series A funding for its AI-enabled CMC bioprocessing of biologic drug candidates (see story). The company says its technology addresses the problems of high failure rates, long development timelines and high costs. GBB has accumulated large amounts of bioprocessing development data from its 3100 square meter CMC facility. It is creating an intelligent centralized database, using deep learning to create a next-gen AI-enabled bioprocessing ecosystem. FutureX Capital was the last investor to join the financing.
Trials and Approvals
Suzhou CStone Pharma (HK: 2616) announced Ayvakit ® (avapritinib) was approved in
Suzhou Kintor Pharma (HK: 9939) reported it will seek permission to enroll higher risk COVID-19 patients in its mainly US Phase III trial of proxalutamide (see story). In an interim analysis, the candidate did not meet specified efficacy rates in non-hospitalized COVID-19 patients with mild disease. Kintor now wants to enroll only hospitalized COVID-19 patients with multiple comorbidities and/or patients with no COVID-19 vaccination history. So far, the candidate has been well-tolerated in the 348 patients enrolled with mild-to-moderate COVID-19 symptoms.