Shanghai Pharma (SHA: 601607) and FountainVest Partners, a China private equity fund, have submitted second-round bids for Cardinal China’s (NYSE: CAH) drug distribution operations (see story). According to a Bloomberg article, the two entities are part of a smaller group of still-interested bidders that also includes Warburg Pincus of the US and PAG Asia Capital, a China/Asia investor. Cardinal China’s operations are expected to draw bids in the $1-$1.5 billion range, though Cardinal may keep its China operations if it doesn’t receive a suitable bid.

China Biologic Products (NSD: CBPO), a plasma company headquartered in Beijing, will acquire an 80% interest in TianXinFu (Beijing) Medical Appliance in an all-stock deal worth $536 million (see story). According to China Biologic, TianXinFu is China’s largest maker of biomaterial scaffolds, which aid new tissue regeneration and organ repair. China Biologic will issue 5.5 million shares to PW Medtech (HK: 1358) to pay for the acquisition. Its stock price fell almost 15% after the deal was announced.

CASI Pharma (Nasdaq: CASI), a US-China biopharma listed in the US, raised $23.3 million in a private placement (see story). The company sold nearly 8 million shares at a price of $3 each, including a warrant to buy 0.2 shares at $3 apiece. CASI’s previous close was $3.62. Following the announcement, the stock is trading at $2.77, a 24% drop. CASI, which is headquartered in Maryland with a Beijing R&D operation, in-licensed China rights to a portfolio of three drugs from Spectrum Pharma in exchange for a 20% CASI stake in 2014. The company is currently working to obtain China approval of the drugs. 

Suzhou’s Innovent Biologics will use a proprietary H2L2 transgenic mouse platform owned by Harbour Biomed of Shanghai to discover new mAbs (see story). Innovent, which already has 13 biologic candidates in development, will have multi-year licensing rights to the H2L2 platform for several projects. Harbour will receive an upfront payment, fees and milestones as well as royalties based on net sales, though specific financial details were not disclosed. Harbour was formed in late 2016, when the company raised $50 million in initial capital and acquired Harbour Antibodies BV, a Dutch company with two transgenic mouse platforms.