Chengdu-based Sichuan Clover Biopharmaceuticals Inc., known for its Trimer-Tag technology, raised $230 million in a series C financing round. The proceeds will, most notably, help it advance its COVID-19 vaccine candidate, S-Trimer (SCB-2019), to a global phase II/III trial by June. Following its $43 million series B round in December 2019, Clover said on Tuesday, Feb. 23, that it raised more than $400 million in the last 12 months. The company uses its Trimer-Tag technology platform to produce covalently-trimerized fusion proteins to develop protein-based vaccines and biologic cancer therapies.

HONG KONG – The third pre-revenue med-tech firm to list on the Hong Kong Stock Exchange in a month, New Horizon Health Technology Co. Ltd. raised HK$1.9 billion (US$245.08 million) in an IPO that began trading Thursday, Feb. 18. New Horizon placed 76.6 million shares at HK$26.66 apiece and said part of the funds will help the company commercialize its FIT-DNA test Coloclear to screen for colorectal cancer.

Chinese cancer and autoimmune specialist Innocare Pharma Ltd. raised HK$3.04 billion ($392 million) in private placements with two Hillhouse Capital subsidiaries and Vivo Opportunity Fund to advance its pipeline, especially its core asset, the BTK inhibitor orelabrutinib.

Suzhou Basecare Medical Corp. Ltd., a genetic test developer for assisted reproduction, raised HK$1.82 billion (US$235 million) in an initial public offering on the Hong Kong Stock Exchange on Feb. 8, with shares opening nearly 10% higher. The IPO will support the company to continue to develop pre-implantation genetic (PGT) testing products for assisted reproduction.

Chinese cancer and autoimmune specialist Innocare Pharma Ltd. raised HK$3.04 billion (US$392 million) in private placements with two Hillhouse Capital subsidiaries and Vivo Opportunity Fund to advance its pipeline, especially its core asset, the BTK inhibitor orelabrutinib.

Chinese heart valve specialist Microport Cardioflow Medtech Corp. (HKEX:2160) launched an IPO in Hong Kong on Feb. 4, raising HK$2.5 billion (US$324 million) by issuing 205.62 million shares at HK$12.20 apiece. With J.P. Morgan, Citi and CICC backing the IPO, the stock opened at HK$21.50, up 76% from the offer price. The pre-revenue med-tech firm, spun off from Microport Scientific Corp. in 2020, develops transcatheter aortic valve implantation (TAVI) products for valvular heart diseases, and is especially known for its Vitaflow series.

A Swiss diagnostics company is looking to tap into China’s vast patient pool to validate its diagnostic test for prostate cancer. Schlieren-based Proteomedix AG inked a partnership with Zhengzhou University Henan Cancer Hospital in China to validate its Proclarix diagnostics test in the local population.

Luye Pharma Group Ltd. won marketing approval in China for its risperidone microspheres for injection to treat schizophrenia, which the company said is the first formulation developed by a Chinese company in the space to get a green light. Under the trade name Ruixintuo, the long-acting drug is administered once every two weeks by intramuscular injection.

BEIJING – Beigene Ltd. out-licensed its anti-PD-1 monoclonal antibody tislelizumab to Novartis AG in a deal worth up to $2.2 billion, including $650 million up front. Novartis gains rights to develop and commercialize tislelizumab in the U.S., Canada, Mexico, the EU, the U.K., Norway, Switzerland, Iceland, Liechtenstein, Russia and Japan.