Deals and Financings

CARsgen Therapeutics, a Shanghai company developing CAR-T immunotherapies for solid tumors, completed a $30 million Series B round (see story). CARsgen is currently conducting Phase I trials of two CAR-T immunotherapies: one for brain cancer and the other for liver cancer. The company’s latest round was led by KTB Ventures, a Korean venture fund, and Jolly Innovation Ventures, which is backed by China’s Jolly Pharma. Kaitai Capital and JIC Genesis Fountain Healthcare Ventures participated. 

Adagene, a Suzhou company developing mono-specific and bi-specific antibodies, announced a $28 million Series B financing led by GP Healthcare Capital (see story). Adagene said it would use the capital to advance several programs into clinical proof of concept, and to support discovery of novel therapies for unmet needs. The company develops its own portfolio of candidates and also collaborates with international biopharmas to discover promising antibodies. 

Fujian Thai Hot Investment Co. remains in negotiations to acquire 51.5% of Alliance HealthCare Services (Nasdaq: AIQ), a US company that provides outsourced radiology, oncology and interventional services (see story). Once it gains control, Thai Hot plans to expand Alliance’s services to China. Thai Hot offered $102.5 million for the stake, at a price of $18.50 per share, from selling shareholders. Although most government approvals have been granted, a few closing conditions are still outstanding, and the two groups extended their provisional agreement until the end of February. 

Qiming Venture Partners, a China-focused venture firm is expected to close its fifth US dollar fund tomorrow, with at least $650 million in capital commitments, according to media reports (see story). The company’s latest initiative, which joins three RMB-denominated and the four previous dollar funds, will bring Qiming’s total assets under management to more than $2.3 billion. Qiming said it invests about 40% of its capital — over $600 million to date — in life science companies.