While the COVID-19 pandemic has brought disruptions to R&D, market activities in the biopharmaceutical sector have remained active during the first half of this year in China. Venture capital investments, IPOs and partnering activity showed upward trends, except for M&A activity, which has declined for two years.
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.
While the COVID-19 pandemic has brought disruptions to R&D, market activities in the biopharmaceutical sector have remained active during the first half of this year in China. Venture capital investments, IPOs and partnering activity showed upward trends, except for M&A activity, which has declined for two years.
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.
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.
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.
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.
Newly founded Lianbio, with offices in Shanghai and San Francisco, aims to quickly establish a presence in China and Asia with late-stage assets in-licensed from Bridgebio Pharma Inc. and Myokardia Inc. in two deals amounting to $531.5 million and $187.5 million, respectively.
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.
Cansino Biologics Inc. launched its second pre-revenue share offering on Aug. 13, reaping ¥5.2 billion ($749 million) from Shanghai’s STAR market. Trading under the ticker 688185, its shares surged 87.5% to close at ¥393 on the first trading day. The company, currently developing 16 vaccine candidates for 13 infectious diseases, has grabbed headlines this year for its COVID-19 vaccine candidate, Ad5-nCoV, which is due to enter phase III trials in Saudi Arabia shortly.
