Deals and Financings

China Bridge Capital, a Beijing financial services firm, invested $45 million in iCarbonX, the big data/AI healthcare start-up that raised $155 million in a Series A at a $1 billion valuation earlier this year (see story). iCarbonX was founded by Jun Wang, formerly CEO of BGI, China’s giant gene sequencing company. China Bridge also plans to raise $1.5 billion for an investment fund that acquires precision healthcare assets, a focus area for iCarbonX. 

Concord Medical Services (NYSE: CCM), a company that operates radiotherapy and diagnostic centers in China and is now developing private China cancer hospitals, received a management-led privatization offer at a price of $5.19 per ADS (see story). The bid is a 34% premium to the previous closing price and values Concord at $228 million. In 2009, Concord staged a New York Stock Exchange IPO at $11 per ADS, but fell 12% in the first day of trading. 

Huapont Life Sciences (SHZ: 002004) of Chongqing will make a $3 million investment into San Diego’s Angionetics (NSDQ: CRXM) (see story). In return, Huapont will gain China rights to Angionetics’ Generx® (Ad5FGF-4), which is designed to increase microvasculature as a treatment for ischemic heart disease and refractory angina. Angionetics will use the investment for a US Phase III trial of Generx, while Huapont will be responsible for its China registration. After the investment, Huapont will own 15% of Angionetics. Angionetics is a subsidiary of Taxus Cardium Pharmaceuticals. 

Uni-Bio Science (HK: 690), a Hong Kong biopharma, signed an agreement that gives China Resources Zizhu Pharma China rights to market GeneSoft, an ophthalmic wound healing product (see story). GeneSoft is a derivative of recombinant human epidermal growth factor (rhEGF), which improves healing of the cornea by regenerating the corneal epithelium. CR Zizhu, a wholly owned subsidiary of China Resource Pharma, focuses on the China hospital market for ophthalmology and reproductive health drugs. The initial term of the agreement is five years, with an option for an additional five years. 

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