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Week in Review: Fosun Signs $125 Million Deal for Ardelyx IBS Treatment
Deals and Financings
Fosun Pharma (SHA: 600196; HK: 2196) obtained
Sinopharm Capital, the private equity fund started by China's largest pharma, Sinopharm Group, co-led an $18 million B round in Virtual Incision, a Nebraska medical device company (see story). Virtual Incision is developing a next-gen miniaturized robotically assisted surgical device (RASD) for minimally invasive abdominal surgeries, such as colon resection. Competing RASDs usually require large, open incisions for multi-quadrant abdominal operations. Virtual Incision will initially file for US approval of the device, but it plans to form a China JV to develop the device for
Clover Biopharmaceuticals, a
BGI Genomics (SHZ: 300676) announced a $7.6 million joint venture with Kangmei Pharma (SHA: 600518), a company known for its TCM offerings (see story). The Shenzhen JV will apply BGI's gene sequencing technology to TCM products. Kangmei will supply the JV with 95% of the $7.6 million in cash, while BGI will contribute the remaining 5% of the JV's value with instruments and technology. In October, the two companies announced a strategic collaboration, and the JV is the first major step in their agreement. Kangmei, a $13 billion company, also makes chemical products, especially antibiotics.
Trials and Approvals
Hutchison China MediTech (Chi-Med) (AIM/NSDQ: HCM) announced the start of a US Phase I bridging trial of its lead drug, fruquintinib (see story). Fruquintinib is a VEGFR inhibitor with an anti-angiogenesis mechanism. In
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