Deals and Financings

WuXi PharmaTech, China’s largest CRO/CMO, is planning to conduct a Hong Kong IPO of its biologics subsidiary, according to a Bloomberg report (see story). Biologics is WuXi’s fastest growing subsidiary, and the IPO will value the unit at $1.5 billion, said Bloomberg. The Hong Kong Stock Exchange requires a company to list at least 25% of a company’s stock in an IPO. which implies WuXi will raise at least $367 million. The transaction is a very fast turnaround for WuXi, which completed a $3.3 billion privatization of the entire company in late November 2015. 

Impact Therapeutics, a Nanjing innovative drug developer, completed a $10 million Series B funding from China venture capitalists (see story). The company, which specializes in novel and best-in-class cancer drugs, has several anti-tumor drugs in pre-clinical and clinical stages. Impact filed a China class 1.1 IND application for one of its candidates in late 2015. The company said it would use the new capital for clinical trials and pre-clinical projects. 

Trials and Approvals

Canada’s Aurinia Pharma (TSX: AUP; NSDQ: AUPH) reported Luveniq (voclosporin), a potential treatment for lupus nephritis, produced positive data in early results from a Phase IIb trial, currently underway in Malaysia (see story). 3SBio (HK: 1530) licensed China rights to the drug in 2010. Out of 7 patients with the disease, there were four with complete remission at week eight and a mean reduction in proteinuria (abnormal quantities of protein in urine) of 72%, also at week eight. Complete results of the trial are expected in Q3 of 2016. 

Bristol-Myers Squibb (NYSE: BMY) released results from a successful Phase III trial of its all-oral hepatitis C combination treatment in an Asian group of patients, who were predominantly Chinese (see story). Among the China patients, 91% achieved a sustained virologic response at post-treatment week 24 (SVR24). The BMS test, which enrolled patients with genotype 1b HVC, did not include either interferon or ribavirin as part of the regimen.