Oceanpine Capital is to acquire an 80% equity stake in Beijing Jacoray Pharmaceutical Technology for a total consideration of 200m yuan ($28m).
The move is part of Jacobio Pharma’s subsidiary Beijing Jacobio Pharmaceuticals’ capital increase and equity transfer agreement signed with Oceanpine Capital and an industry partner.
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The deal value is an upfront payment of 125m yuan, with an additional 75m yuan to be paid as a milestone payment in a second instalment.
Upon completion, Oceanpine Capital will hold an 80% stake in Jacoray, while the industry partner and Beijing Jacobio will each own 10%.
Jacoray serves as the project company for Jacobio’s cardiovascular research programme, currently in its early stages.
This transaction is in line with Jacobio’s focus on advancing oncology therapies such as iADC and Kirsten rat sarcoma viral oncogene homolog (KRAS).
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By GlobalDataThe approach aims to implement a risk-sharing model, optimise capital allocation, and improve operational efficiency to preserve long-term project value.
The transaction’s proceeds will predominantly be allocated to research and development, production and the commercialisation of Jacobio’s Pan-KRAS inhibitor and other oncology assets.
Oceanpine Capital founder, CEO and managing partner Dave Chenn stated: “Jacobio demonstrates outstanding scientific strength and strategic focus in oncology innovation. Oceanpine Capital looks forward to partnering with Jacobio to advance the globalisation of China’s biotech innovation.”
Jacobio chairman Dr Yinxiang Wang stated: “This partnership with Oceanpine Capital strengthens our strategic focus on oncology innovation and reinforces our commitment to advancing next-generation cancer therapies.”
In October 2024, Jacobio Pharma’s internally developed KRAS glycine-to-cysteine mutation at codon 12 (G12C) inhibitor, glecirasib, received orphan drug designation from the European Medicines Agency.
