HONG KONG – Supported by the municipal government of Chongqing in China, a joint venture between South Korean drugmaker Binex Co. Ltd. and Chinese pharmaceutical company Chongqing Zein Pharmaceutical Co. Ltd. will be set up in the third quarter of this year.

Century Therapeutics Inc. came out of stealth mode Monday with $250 million in funding commitments from lead investor Bayer AG, founding investor Versant Ventures and strategic partner Fujifilm Holdings Corp. to develop next-generation allogeneic cell therapies for cancer, based on induced pluripotent stem cells (iPSCs).