China Roundup: Innovent I/O Setback, Adagene, Hua Bag Millions, WuXi Relisting
China biotechs blossom with millions in new funding for antibody developer Adagene and diabetes drug maker Hua Medicine, and a planned CNY5.7bn Shanghai listing for WuXi Apptec. However, national innovation darling Innovent Bio has withdrawn its PD-1 approval filing, dealing a setback to a crowded area.
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Medicines regulators have cleared Innovent Biologics's anti-PD-1 therapy, sintilimab, for classical Hodgkin's lymphoma in China, where late-stage studies as a first-line therapy for advanced esopheageal cancer have also just started.
China approves first immuno-oncology drug in the form of BMS’s Opdivo for lung cancer, opening up a new potentially huge market for the class, but much will depend on pricing and reimbursement policies.
Private Company Edition: Martin Mackay and two other former Alexion executives co-founded the rare disease start-up in January with a $37m Series A to kick things off. Also, Innovent raises $150m in venture cash, Tmunity adds $35m and Third Rock launches Cedilla.