Shanghai Junshi Biosciences has filed for a Hong Kong IPO that is expected to raise up to $500 million (see story). Junshi is developing a pipeline of 13 biologic drugs, including immuno-oncology treatments. Its most advanced candidate, toripalimab, is a PD-1 mAb whose NDA is currently being reviewed in China as a second-line treatment for melanoma. Earlier this year, the company also applied for approval to conduct clinical trials of toripalimab in the US. In March, Junshi floated a $30 million convertible bond offering at a $2 billion valuation.  

Nanjing Sanpower, a major China conglomerate, has “sold” its Dendreon pharmaceutical subsidiary by transferring Dendreon to another of Sanpower’s holdings, the China retail company Cenbest, in exchange for $868 million of stock (see story). One year ago, Sanpower paid $820 million to acquire Dendreon and its autologous immuno-therapy for prostate cancer. Sanpower explains that Dendreon, as part of Cenbest, will find it easier to raise the money it needs to expand, probably into CAR-T or some other cell therapy. Before the transaction, Sanpower owned 33% of Cenbest. Now it owns 42%.  

Harbour Biomed in-licensed China rights to a bispecific antibody that targets HER2-positive cancers from Glenmark Pharma, an Indian-French biopharma, in a $120 million agreement (see story). Harbour, a Boston-Shanghai company, has an option to manufacture GBR 1302 for the Greater China market. The two companies will collaborate to develop clinical data that supports approvals of GBR 1302 in their respective territories. Glenmark will receive an upfront payment and is eligible for development, regulatory and commercial milestones, plus tiered royalties.  

Tot Biopharm of Suzhou closed a $102 million Series B financing round, which it will use to develop a portfolio of high-end anti-tumor drugs (see story). Tot Bio has over ten drugs in the R&D stage, including three biologics and three small molecules that have been approved for clinical trials. Its Avastin biosimilar has started a Phase III trial. Tot Bio emphasizes foreign partnerships as a means of maximizing the potential of its products. The financing was supported by China Universal GP Limited along with existing investors.