Week in Review: Everest In-licenses an ADC from Immunomedics in $835 Million Agreement, a China Record for a Single Asset

Deals and Financings • Everest Medicines II of Shanghai, a C-Bridge company, agreed to pay up to a record $835 million in upfront and milestone payments for China rights to an Immunomedics ADC; • Viva Biotech, a Shanghai CRO that offers partnerships to some of its clients; will seek to raise $194 million in a Hong Kong IPO that values the company at $750 million; • Tot Biopharm, a Suzhou oncology company with a portfolio of more than ten candidates (six of them in clinical trials), filed to IPO in Hong Kong; • Digital China Health Technologies participated in a $17.1 million extension of a Congenica Series B funding that has now raised $30 million; • Shanghai's QTC Care, an international healthcare platform, completed a $7 million Series A funding led by Tencent to advance its AI-based treatment plans; • Luye Pharma in-licensed China rights to PharmaMar's lurbinectedin as a treatment for small cell lung cancer, paying $5 million upfront; • Suzhou's CStone Pharma acquired China rights to a tri-specific PD-L1 antibody developed by Zurich's Numab in returning for developing the candidate through a China Phase I trial; IPO News • So far, the Hong Kong Stock Exchange has IPO'd seven pre-revenue biotechs: three of them lost money in their first month. We explain why the last four have risen in value (three of them with over 65% increases). Trials and Approvals • I-Mab Biopharma of Shanghai began a multi-center Phase III clinical trial in Taiwan and China to evaluate its CD38 immunotherapy for multiple myeloma; • Ascletis of Hangzhou and US-based 3-V Biosciences have started a US-China Phase II clinical trial of their partnered treatment for NASH; • Shanghai's Sinovant Sciences was given the go-ahead to begin China registrational trials of a treatment for bile duct cancer. Stock Symbols: (HK: 2186) (MSE: PHM) (HK: 2616) (HK: 1672) Share this with colleagues: // //