Week in Review: Suzhou's Adagen Raises $140 Million in US IPO to Develop Oncology Drugs

Deals and Financings Adagene, a Suzhou immunoncology biopharma, completed a $140 million NASDAQ IPO and climbed 56% higher to a $1 billion valuation; Shanghai Nuance Pharma in-licensed Greater China rights to a osteoarthritis pain candidate from Toronto 's Antibe Therapeutics in a $100 million deal; Ascletis Pharma of Hangzhou participated in the $80 million crossover funding of Sagimet Biosciences, a Bay Area partner of Ascletis; Neurophth Bio of Wuhan raised $62 million in a B round to develop its AAV-delivered gene therapies for ocular diseases; Jiangsu Hengrui Medicine acquired China rights to a PI3kδ inhibitor from Shanghai Yingli Pharma and will make a $20 million investment in Yingli; China Medical System of Shenzhen bought Luqa Ventures, a Shanghai dermatology company, at an undisclosed price; Apollomics, a Hangzhou oncology biopharma, in-licensed global rights (ex-China) to a novel protein kinase inhibitor discovered by Edison Oncology of California; Apollomics acquired greater China rights to an Iterion candidate for desmoid tumors, a rare type of sarcoma that has no approved therapies; Apollomics' third in-licensing of the week was an immunotherapy vaccine that targets the gastrin immunogen for pancreatic and other gastrointestinal cancers; COVID-19 Pandemic Junshi Biosciences and Eli Lilly announced their dual mAb treatment was approved in the US to treat patients with COVID-19; Sinovac Bio was granted China emergency permission to launch CoronaVac, the Beijing company's COVID-19 vaccine; Tianjin CanSino Biologics reported its COVID-19 vaccine was accepted for use in Pakistan ; Trials and Approvals I-Mab of Shanghai was approved to start a China Phase I trial of its in-licensed monotherapy to treat advanced solid tumors. Stock Symbols: (NSDQ: ADAG) (TSX: ATE; OTCQB: ATBPF) (HK: 1672) (SHA: 600276) (HK: 0867) (HK: 1877; SHA: 688180) (NYSE: LLY) (HK: 6185; SHA: 688185) (NSDQ: IMAB) Share this with colleagues: // //
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