Fosun Pharma (SHA: 600196; HK: 2196) obtained China rights to tenapanor, an Ardelyx (Nasdaq: ARDX) treatment for irritable bowel syndrome with constipation (IBS-C), in a $125 million agreement (see story). Tenapanor is also expected to treat hyperphosphatemia related to chronic kidney disease. Ardelyx, a San Francisco area company, has completed US Phase III trials in which tenapanor met efficacy endpoints in both indications. The company describes the candidate as an oral, minimally systemic NHE3 inhibitor, and it expects to file for US approval next year.
Sinopharm Capital, the private equity fund started by China’s largest pharma, Sinopharm Group, co-led an $18 million B round in Virtual Incision, a Nebraska medical device company (see story). Virtual Incision is developing a next-gen miniaturized robotically assisted surgical device (RASD) for minimally invasive abdominal surgeries, such as colon resection. Competing RASDs usually require large, open incisions for multi-quadrant abdominal operations. Virtual Incision will initially file for US approval of the device, but it plans to form a China JV to develop the device for China use.
Clover Biopharmaceuticals, a Chengdu biotech startup, completed a $9.5 million Series A financing led by Tianhe Life Sciences Venture Fund (see story). Clover is developing a portfolio of novel biologic and differentiated biosimilar drug candidates. The company in-licensed rights to GenHunter Trimer-Tag© technology, which it uses to discover novel molecules for autoimmune diseases and cancer. It has also built a cGMP manufacturing capability for biologics, and expects to begin two clinical programs next year. The company plans to bring its novel, affordable drugs to China and global markets.
BGI Genomics (SHZ: 300676) announced a $7.6 million joint venture with Kangmei Pharma (SHA: 600518), a company known for its TCM offerings (see story). The Shenzhen JV will apply BGI’s gene sequencing technology to TCM products. Kangmei will supply the JV with 95% of the $7.6 million in cash, while BGI will contribute the remaining 5% of the JV’s value with instruments and technology. In October, the two companies announced a strategic collaboration, and the JV is the first major step in their agreement. Kangmei, a $13 billion company, also makes chemical products, especially antibiotics.
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