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Week in Review: Frontage, a US-China CRO, Stages $205 Million Hong Kong IPO

Deals and Financings • Frontage Holdings, a US-China CRO, raised $205 million in a Hong Kong IPO at an $820 million valuation and moved 4.5% higher in its first trading session; • EpimAb Biotherapeutics, a Shanghai bi-specifics company focused on cancer and immunotherapies, closed a $74 million Series B financing; • Chengdu's HitGen announced a drug discovery collaboration with Gilead Sciences to identify small molecule leads against targets specified by Gilead; Industry Insights • In its first year, the Hong Kong Exchange hosted ten biopharmas IPOs and raised over $4.2 billion, though the future of Hong Kong as a bridge between east and west is clouded at the moment; Government and Regulatory • China announced plans to audit 77 major pharmaceutical companies after Kangmei, a TCM company, reported a $4.4 billion cash shortfall; Trials and Approvals • BioMarin of San Francisco reported China approved Vimizim® to treat patients with a rare disease known as Morquio A syndrome; • Suzhou Innovent Biologics released Phase III data showing its Avastin® biosimilar matched the original drug in safety and efficacy; • Suzhou CStone Pharma was approved to start China trials of its anti-PD-L1 candidate in combination with a FGFR4 inhibitor in liver cancer patients; • RemeGen, a Yantai biotech, sajd its HER2 antibody-drug conjugate produced a 51% objective response rate in a Phase II trial of patients with urothelial cancer; • Xynomic Pharma, a Raleigh-Shanghai oncology company, dosed the first patient in a Phase I/II trial that combines its lead drug, abexinostat, with Imbruvica; • Ascentage Pharma of Shanghai announced positive clinical trial data from two apoptosis-targeted drug candidates; • Suzhou Innovent Biologics released positive data from four trials in new indications of its China-approved anti-PD-1 antibody, Tyvyt. Stock Symbols: (NSDQ: GILD) (SHA: 600518) (NSDQ: BMRN) (HK: 01801) (HK: 2616) (NSDQ: XYN) Share this with colleagues: // //
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