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Week in Review: Singapore’s S*BIO Sells Cancer Drug to US Pharma
publication date: Aug 11, 2012
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author/source: Richard Daverman, PhD
Deals and Financings
S*BIO of Singapore has sold worldwide rights for a clinical stage oncology drug to MEI Pharma (NSDQ: MEIP) of San Diego (see story). Pracinostat is an oral histone deacetylase (HDAC) inhibitor. The drug has completed Phase II clinical trials in patients with hematologic disorders such as acute myeloid leukemia and myelofibrosis. To make the acquisition, MEI Pharma will issue $500,000 of common stock to S*BIO, and it agreed to pay S*BIO up to $75.2 million if clinical, regulatory and sales milestones are met. The agreement also calls for low single-digit contingent earn-out payments based on net sales.
PharmaEngine (TWO: 4162) of Taiwan acquired Asia-Pacific rights (including China) to a radiology-enhancing nanomedicine product from Nanobiotix S.A., a French company (see story). NBTXR3 is currently undergoing a Phase I study trial in Europe as a treatment for soft tissue sarcoma. According to Nanobiotix, NBTXR3 increases the effect of radiation by a factor of three in mouse models without affecting nearby tissue.
Company News
Takeda Pharma (TSE: 4502), the largest pharma in Japan, has officially opened its new headquarters for clinical trials in China, called the Takeda Shanghai Development Center (see story). The new facility will be responsible for Takeda’s general medicine clinical trials in China and oncology treatments across Asia. The company said the new facility underscores its commitment to Asia and China in particular.
Mindray Medical (NYSE: MR), the Shenzhen maker of medical devices, reported Q2 revenues climbed 23% to $267.8 million, handily beating expectations of $258.7 million (see story). Per Share earnings were $.50, well ahead of the $.45 predicted by analysts. Because the report was a pleasant surprise, Mindray’s stock price rose almost 12% after the announcement, moving up $3.61 to $34.96.
Biostar Pharma (NSDQ: BSPM) of Xianyang warned investors that its second quarter was severely hurt by China’s gelatin scandal, which began in April of this year (see story). Because Biostar was ordered to stop all sales of gelatin products, the company’s Q2 revenues will be cut in half from the nearly $16 million it recorded in Q1. Stressing the positive, Biostar reported the Xianyang SFDA gave permission on July 30 to re-start its production of gelatin-based capsules. The company expects Q3 to be much improved, while it hopes Q4 will see revenues return to normal levels.
Disclosure: none.
S*BIO of Singapore has sold worldwide rights for a clinical stage oncology drug to MEI Pharma (NSDQ: MEIP) of San Diego (see story). Pracinostat is an oral histone deacetylase (HDAC) inhibitor. The drug has completed Phase II clinical trials in patients with hematologic disorders such as acute myeloid leukemia and myelofibrosis. To make the acquisition, MEI Pharma will issue $500,000 of common stock to S*BIO, and it agreed to pay S*BIO up to $75.2 million if clinical, regulatory and sales milestones are met. The agreement also calls for low single-digit contingent earn-out payments based on net sales.
PharmaEngine (TWO: 4162) of Taiwan acquired Asia-Pacific rights (including China) to a radiology-enhancing nanomedicine product from Nanobiotix S.A., a French company (see story). NBTXR3 is currently undergoing a Phase I study trial in Europe as a treatment for soft tissue sarcoma. According to Nanobiotix, NBTXR3 increases the effect of radiation by a factor of three in mouse models without affecting nearby tissue.
Company News
Takeda Pharma (TSE: 4502), the largest pharma in Japan, has officially opened its new headquarters for clinical trials in China, called the Takeda Shanghai Development Center (see story). The new facility will be responsible for Takeda’s general medicine clinical trials in China and oncology treatments across Asia. The company said the new facility underscores its commitment to Asia and China in particular.
Mindray Medical (NYSE: MR), the Shenzhen maker of medical devices, reported Q2 revenues climbed 23% to $267.8 million, handily beating expectations of $258.7 million (see story). Per Share earnings were $.50, well ahead of the $.45 predicted by analysts. Because the report was a pleasant surprise, Mindray’s stock price rose almost 12% after the announcement, moving up $3.61 to $34.96.
Biostar Pharma (NSDQ: BSPM) of Xianyang warned investors that its second quarter was severely hurt by China’s gelatin scandal, which began in April of this year (see story). Because Biostar was ordered to stop all sales of gelatin products, the company’s Q2 revenues will be cut in half from the nearly $16 million it recorded in Q1. Stressing the positive, Biostar reported the Xianyang SFDA gave permission on July 30 to re-start its production of gelatin-based capsules. The company expects Q3 to be much improved, while it hopes Q4 will see revenues return to normal levels.
Disclosure: none.
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