Creat Group of China has withdrawn its current $1.5 billion offer to acquire Biotest, a German blood plasma products corporation, because US regulators refused to approve the deal (see story). According to Bloomberg, the Committee on Foreign Investment in the United States was worried that a China corporation would have access to US donor information. Creat and Biotest said the acquisition can not be completed under the current structure, but the two companies hope to forge a new agreement that will satisfy US regulators.
Valeant Pharma (NYSE: VRX) closed its $190 million sale of California-based Obagi Medical Products to Haitong International Zhonghua Finance Acquisition Fund I, L.P. and its affiliate Obagi Cosmeceuticals, LLC (see story). Obagi sells cosmeceuticals (skin care products that contain ingredients that have been proven to have a positive effect) through dermatologists or medical spas, although they are OTC products. One of the partners of the Haitong fund is China Regenerative Medicine International Limited, which presumably has an interest in marketing the Obagi products in China.
Zhejiang Huahai Pharma acquired Greater China rights to EU-101, a preclinical immuno-oncology candidate discovered by Eutilex of South Korea, in a $65 million agreement (see story). Huahai made a $30 million equity investment into Eutilex, and it will pay up to $35 million in milestones on 10 immuno-oncology indications. Eutilex will also receive royalties on China sales. In an unusual provision, Huahai will gain from Eutilex’s out-licensing revenues of EU-101, and it will receive royalties on ex-China sales.
EOC Pharma Group of Shanghai closed a $32 million B funding round (see story). EOC, a spin-out from Eddingpharm, in-licenses rights to develop, manufacture and market oncology assets from global pharmas. Unlike its parent, EOC concentrates on novel oncology drugs that require mid to late stage clinical development for registration. So far, EOC has in-licensed a pipeline of six candidates, which it hopes will prove to be first-in-class or best-in-class. EOC plans to in-license additional late-stage clinical oncology assets.
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