Chinese-based contract manufacturing company Asymchem Laboratories has announced the issue of shares of its common stock in an initial public offering (IPO).
The financial details of the IPO are yet to be disclosed.
An exclusive, non-binding distribution agreement has been signed by Swedish biopharmaceutical company, Xbrane Biopharma, with a Chinese pharmaceutical company to sell and market the former’s product Spherotide in China.
The drug is scheduled to be launched in 2021 and is estimated to have the potential to generate $38.8m in annual revenue.
The consideration for the agreement includes an initial payment of $1.9m upon signing the final contract, which is expected in the first quarter of 2017, and three milestone-based payments totalling approximately $7.7m until the product launch.
In addition, the Chinese company will be responsible to perform and fund the cost of clinical trials to receive authorisation for the drug in the Chinese market.
Portage Biotech’s subsidiary Biohaven Pharmaceutical Holding Company has raised $80m through private placement of its common stock shares, in which two undisclosed blue-chip companies have participated as part of in-licensing agreements with the company.
The proceeds will be invested to perform clinical trials in orphan neurologic indications and other areas that have a large unmet medical need.
Placement agents for the offering were Cowen and Company and William Blair, while the legal advisor was Locke Lord.
US-based microbial genomics company, uBiome has completed a series B financing round, through which it raised $22m that will be used for the launch of testing at its recently opened clinical lab accredited by the College of American Pathologists (CAP).