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Week in Review: RemeGen Out-Licenses Rights for HER2 ADC to Seagen in $2.6 Billion Deal
Deals and Financings
Yantai's RemeGen (HK: 9995) out-licensed global rights (ex-Asia) for its novel HER2-targeted ADC to Seagen (NSDQ: SGEN) in a $2.6 billion deal (see story). Seagen, an antibody conjugate company previously known as Seattle Genetics, will pay $200 million upfront and up to $2.4 billion in milestones. The candidate, disitamab vedotin, combines Seagen's drug-linker technology with RemeGen’s novel HER2 antibody. The candidate has shown promising activity in trials involving several solid tumor types associated with HER-2, including urothelial, gastric and breast cancers. The deal is the latest billion-dollar-plus cross-border agreement involving a
XtalPi, a US-China AI-based drug discovery company, completed a $400 million Series D financing at an estimated valuation of $2 billion (see story). XtalPi says its Intelligent Digital Drug Discovery and Development (ID4) platform combines quantum physics, AI and cloud computing algorithms to provide predictions on the properties of small-molecule candidates. The financing was led by OrbiMed Advisors and RRJ Capital. The company emphasizes its expertise in solid state drug R&D with a specialty in crystal structures. One year ago, XtalPi completed a $318 million Series C round.
Sorrento Therapeutics (NSDQ: SRNE), a San Diego-Suzhou biopharma, signed a binding term sheet to license and develop vaccines, therapeutics and diagnostics using a proprietary C1-cell protein production platform developed by
Advaccine Biopharma Suzhou and Sinovac Biotech will conduct two China trials of Sinovac's approved COVID-19 vaccine combined with US-based Innovio's (NSDQ: INO) DNA vaccine candidate for COVID-19 (see story). Earlier this year, Advaccine announced a $108 million agreement to acquire
Trials and Approvals
Suzhou Innovent Bio (HK: 01801) reported its PCSK-9 inhibitor mAb met its primary endpoint in a Phase III trial in
PhaseBio Pharma (NSDQ: PHAS) and SFJ Pharma announced their partnered drug, bentracimab, was approved to start a China Phase III trial (see story). PB2452 is a reversal agent for an antiplatelet therapy, ticagrelor, in major bleeding and urgent surgery situations. In January 2020, the Bay Area's SFJ entered a $120 million deal to support clinical trials of the drug, which was developed by
Hangzhou Lynk Pharma has started a US Phase I trial of its novel triple-kinase inhibitor in patients with myelofibrosis (see story). The trial will enroll patients with primary myelofibrosis (PMF) and secondary myelofibrosis (PV/ET-MF) induced by polycythemia vera or primary thrombocytosis. LNK01002 targets three kinase drivers of PMF and PV/ET-MF with the potential to treat patients who are not responsive or have developed resistance to conventional therapies. Founded in 2018, Lynk discovers and develops innovative drugs to treat cancer, as well as immune and inflammatory diseases.
Shanghai Belief Biomed was approved to start
Junshi Biosciences (HK: 1877; SHA: 688180) of