Ever since the Hong Kong Stock Exchange (HKEX) overhauled its listing rules to welcome pre-revenue biotech companies in April 2018, Hong Kong has become the largest biotech fundraising hub in Asia, and the second largest in the world after Nasdaq, HKEX executives said Tuesday at the bourse’s biotech summit. The biotech IPO pipeline continues to grow and pre-revenue companies are more accepted into the city’s financial system.
Shanghai-based nanobody specialist Novamab Biopharmaceuticals Co. Ltd. is developing a new neutralizing nanobody, Nb11-59, as a potential inhaled therapy for COVID-19 – a convenient treatment if developed successfully. Similar research is being conducted worldwide.
HONG KONG – Hua Medicine Ltd. has signed a commercialization and partnership deal with Bayer AG for a new diabetes treatment in China. Hua’s dorzagliatin, a first-in-class dual-acting glucokinase activator, is designed to control the progressive degenerative nature of diabetes by restoring glucose homeostasis in patients with type 2 diabetes (T2D).
Innovent Biologics Inc., of Suzhou, has out-licensed ex-China rights for its PD-1 drug Tyvyt (sintilimab) to Eli Lilly and Co. in an expanded license deal. The Chinese firm will receive $200 million upfront in the deal, the value of which could approach up to $1.03 billion. Innovent’s CEO Michael Yu called this “the first solid step in getting Innovent's innovative portfolio into the global market.” With the ex-China rights of Tyvyt, Lilly plans to seek approval for the PD-1 drug in the U.S. and other markets.
A bid by top shareholders and managers of the U.S.-China cell therapy developer Cellular Biomedicine Group Inc. to take the company private pushed shares (NASDAQ:CBMG) 35% higher Wednesday to $19.27, just shy of the offering price.
HONG KONG – China’s Arctic Vision Biotechnology Co. Ltd. has entered into an exclusive deal with New York-based Eyenovia Inc. to develop and commercialize ophthalmic formulations that are delivered using the latter’s first-in-class microdosing spray technology.
Chinese state-backed vaccine developer China National Biotec Group (CNBG), of Beijing, published an interim analysis of randomized phase I/II trials of its inactivated SARS-CoV-2 vaccine candidate in the Journal of the American Medical Association last week. With the added detail, the data encouraged the company in its plans to produce 220 million doses per year.
HONG KONG – Huya Bioscience International LLC, which has a special interest in China-developed assets, has obtained an exclusive global license, bar China, for the SHP2 inhibitor HBI-2376 from Suzhou-based Genhouse Pharmaceutical Co. Ltd. Financial terms were not disclosed.
HONG KONG – The recent approval of all-oral hepatitis C virus (HCV) drug RDV/DNV, a combination of Asclevir (ravidasvir) and Ganovo (danoprevir), helped boost shares of Ascletis Pharma Inc. (HK:1672), which ended July with a 10% jump to HK$3.36 (US43 cents), as the Hangzhou, China-based company continues to push its pipeline of treatments forward and improve its outlook.
Astrazeneca plc has reached an agreement with Shenzhen-based Kangtai Biological Products Co. Ltd. to produce its COVID-19 vaccine AZD-1222 in China. The Chinese firm is required to produce at least 100 million doses by the end of the year, and at least 200 million doses by the end of 2021.
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