Deals and Financings
• CStone Pharma of Suzhou will raise $304 million next week in its Hong Kong IPO at a valuation of $1.5 billion to advance fourteen clinical-stage oncology candidates;
• Shanghai HaiHe Biopharma, an oncology company with ten molecules in clinical trials, announced a $146.6 million funding;
• Burning Rock Biotech, a Guangzhou diagnostics company, closed a $126 million Series C financing led by GIC, the sovereign wealth fund of Singapore;
• Ascletis Pharma of Hangzhou led an $18 Series E financing in San Fransico's 3-V Biosciences and acquired rights to 3V's NASH candidate;
• Shenyang's 3SBio invested $15 million into Boston's Verseau Therapeutics and will develop Verseau's macrophage checkpoint modulators in China;
• Nanjing Bioheng Biotech, which focuses on cell therapy products, completed a $15 million Series A financing, with all of the funds invested by Decheng Capital;
• Guangzhou Magpie Pharma closed a $15 million B funding from Sangel Capital to develop drugs based on modernized formulations of proven TCM drugs;
• C-Bridge Capital in-licensed China rights to three biosimilars from Korea's Samsung Bioepis and formed AffaMed to develop the biosimilars;
Government and Regulatory
• China will reduce the Value Added Tax on 21 rare disease treatments to 3% and directed drug regulators to speed approvals for cancer drugs and foreign drugs that address unmet needs.
Stock Symbols: (HK: 1672) (HK:1530)
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