Week In Review: Shanghai United Imaging Raises $500 Million In Series A; Zai Lab Will IPO Next Week

Deals and Financings 

Shanghai United Imaging Healthcare, a major China medical imaging device maker, closed a $500 million A financing from large China investors (see story). It is the largest medical device funding in China to date, and values Shanghai United Imaging at $5 billion. The company offers a complete line of high-end imaging machines (CT, MRI, PET, X-Ray) with the goal of providing machines that are state-of-the-art or better while undercutting the prices of foreign imaging device makers by 20%.  

Shanghai's Zai Lab will issue 5.8 million shares at an expected range of $16-$18 each in its upcoming US IPO (see story). At the midpoint, $17 per ADS, Zai will raise $90 million at a market capitalization of $800 million. The company has $30 million in non-binding commitments from institutional investors for the offering. If all goes as planned, Zai will complete the IPO next week. Zai has done very well for itself: the company is only four years old, and it has gotten to this point on just $164.5 million in equity funding.  

Shanghai Fosun Pharma (SHA: 600196; HK: 02196) signed a $106 million agreement for greater China rights to a female sexual desire disorder treatment from Palatin (NYSE MKT: PTN) of the US(see story). Fosun will be in charge of regulatory approval and marketing of bremelanotide in its territories. Palatin has completed two successful Phase III trials of bremelanotide in the US and will file for FDA approval in early 2018. Fosun will pay $5 million upfront and another $7.5 million upon China approval. It will also make payments of up to $92.5 in sales milestones.  

Harbour BioMed, a China-US biopharma, will collaborate with Korea's HanAll Biopharma to develop two of HanAll's novel biologics in Greater China (see story). HanAll will receive up to $81 million in a combination of upfront and milestone payments, plus royalties. The two HanAll biologics are aimed at autoimmune and inflammatory diseases. Harbour was formed in late 2016, when the company raised $50 million in initial capital and acquired Harbour Antibodies BV, a Dutch company with two proprietary transgenic mouse platforms.  

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