Just in time for the Chinese New Year, Mabwell Bioscience Co. Ltd. announced that its U.S. subsidiary, Mabwell Therapeutics Ltd., closed a licensing deal with Disc Medicine Inc. worth up to $412 million.
While it made a sturdy effort as biopharma companies opted for licensing deals over M&As in 2022, the year did not surpass 2021 in deal values, falling about 3.5% short. Lackluster M&A values dropped to their lowest levels in five years and were down by 35.6% compared with 2021.
Proposed mergers with Chinese companies will likely be subject to increased scrutiny from the Committee on Foreign Investment in the United States (CFIUS) as evidenced by the temporary hold placed on the merger between F-star Therapeutics Ltd. and Sino Biopharmaceutical Ltd.’s Invox Pharma Ltd. that was announced in June 2022.
CAR T specialist Carsgen Therapeutics Holdings Ltd. out-licensed commercial rights for its B-cell maturation antigen (BCMA) CAR T therapy, CT-053, in mainland China to Huadong Medicine Co Ltd. in a deal worth up to $152 million.
Hadasit Medical Research Services and Development Ltd. and BIRAD – Research & Development Company Ltd. have inked a development deal with Immix Biopharma Inc. for tissue specific therapeutics based on their jointly developed anti-B-cell maturation antigen CAR T cells targeting plasma cell technology.
Wuxi Biologics (Cayman) Inc. is providing an exclusive license to GSK plc for a preclinical bispecific T-cell engaging antibody along with the option of three additional bi- and multispecific TCE antibodies developed by Wuxi. In exchange, Wuxi will receive an up-front payment of $40 million and up to $1.46 billion in additional payments for research, development, regulatory and commercial milestones across the four TCE antibodies. Wuxi Biologics, of Shanghai, is also eligible to receive tiered royalties on net sales.
Investment in the fourth quarter of 2022 was dismal in Asia Pacific, as the global venture community focused on preserving capital. And the region faced other challenges throughout the year, as leaders in Australia and across Asia became acutely aware of the vulnerabilities in their supply chains. But the year also saw some big deals and collaborations involving companies across Asia Pacific, along with advances in regenerative and digital medicine.
South Korea’s Legochem Bioscience Inc. inked a licensing deal with Amgen Inc. on Dec. 23 for five undisclosed antibody drug conjugate (ADC) targets worth up to ₩1.6 trillion (US$1.24 billion). Under the terms of the deal, Legochem will out-license global rights to Amgen for five undisclosed ADC targets and will receive an undisclosed up-front payment as well as development milestones and sales royalties. The companies did not disclose additional details.
Two deals for antibody-drug conjugates inked since May between Merck & Co. Inc. and Sichuan Kelun-Biotech Pharmaceutical Co. Ltd. have blossomed eight months later into the year’s biggest agreement, one that could bring Kelun-Biotech up to $9.3 billion in development, regulatory and sales milestones. The exclusive license and collaboration deal has Merck paying an up-front $175 million to Kelun-Biotech plus promising to make an equity investment in the Sichuan, China-based company.
Pediatrix Therapeutics Inc. licensed exclusive China rights to Aclaris Therapeutics Inc.'s ATI-1777 for investigational “soft” JAK 1/3 inhibitor, for diseases including atopic dermatitis, in exchange for an up-front payment of $5 million and up to $91 million in milestones.
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