Week In Review: China's I-Mab Stages $104 Million Nasdaq IPO

Deals and Financings

I-Mab (IMAB), a Shanghai biotech, raised $104 million in its IPO on the NASDAQ exchange to support its portfolio of more than ten biologic products (see story). I-Mab was founded in 2016 by C-Bridge Capital and Tasly Pharma, which merged two China companies, Third Venture Biotech and Tasgen Bio, and invested $150 million in newly formed I-Mab. The offering was priced at $14 per ADS, the middle of the expected range, but the price has moved 10% lower to $12.58 in initial trading.

BeiGene (NASDAQ:BGNE) of Beijing acquired China rights for two orphan biologic products, Sylvant® and Qarziba®, from EUSA Pharma in a $160 million deal (see story). Sylvant is approved to treat Castleman’s disease, a rare, life-threatening orphan condition of the lymph nodes. Qarziba is a targeted immunotherapy for neuroblastoma, an aggressive neoplasm that is the most common childhood solid tumor originating outside the brain. Both products are approved in various Western countries. They have been listed for fast-track approval in China because they target rare diseases that have no current treatments.

Suzhou Innovent Biologics (HK: 01801) out-licensed US-Canada rights for its Avastin biosimilar to Coherus BioSciences (NASDAQ:CHRS) (see story). Coherus will pay $45 million in upfront and milestone payments, plus double-digit royalties. Coherus is a Redwood City, California, biopharma that develops its own biosimilars and in-licenses others. Coherus also has a non-exclusive option to license US-Canada rights to Innovent’s Rituxan® biosimilar. Innovent cited Coherus’ successful US launch of UDENYCA, a biosimilar to Amgen’s Neupogen, as its reason for partnering with Coherus.

Sino Biopharma (HK: 1177) of Beijing partnered with San Diego’s Ambrx to develop two new Ambrx-discovered biologic products for cancer. Sino Bio will make an unspecified upfront payment to Ambrx and will also be responsible for developing the products to IND. Ambrx is eligible

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Week In Review: China's I-Mab Stages $104 Million Nasdaq IPO

Deals and Financings

I-Mab (IMAB), a Shanghai biotech, raised $104 million in its IPO on the NASDAQ exchange to support its portfolio of more than ten biologic products (see story). I-Mab was founded in 2016 by C-Bridge Capital and Tasly Pharma, which merged two China companies, Third Venture Biotech and Tasgen Bio, and invested $150 million in newly formed I-Mab. The offering was priced at $14 per ADS, the middle of the expected range, but the price has moved 10% lower to $12.58 in initial trading.

BeiGene (NASDAQ:BGNE) of Beijing acquired China rights for two orphan biologic products, Sylvant® and Qarziba®, from EUSA Pharma in a $160 million deal (see story). Sylvant is approved to treat Castleman’s disease, a rare, life-threatening orphan condition of the lymph nodes. Qarziba is a targeted immunotherapy for neuroblastoma, an aggressive neoplasm that is the most common childhood solid tumor originating outside the brain. Both products are approved in various Western countries. They have been listed for fast-track approval in China because they target rare diseases that have no current treatments.

Suzhou Innovent Biologics (HK: 01801) out-licensed US-Canada rights for its Avastin biosimilar to Coherus BioSciences (NASDAQ:CHRS) (see story). Coherus will pay $45 million in upfront and milestone payments, plus double-digit royalties. Coherus is a Redwood City, California, biopharma that develops its own biosimilars and in-licenses others. Coherus also has a non-exclusive option to license US-Canada rights to Innovent’s Rituxan® biosimilar. Innovent cited Coherus’ successful US launch of UDENYCA, a biosimilar to Amgen’s Neupogen, as its reason for partnering with Coherus.

Sino Biopharma (HK: 1177) of Beijing partnered with San Diego’s Ambrx to develop two new Ambrx-discovered biologic products for cancer. Sino Bio will make an unspecified upfront payment to Ambrx and will also be responsible for developing the products to IND. Ambrx is eligible

Read More Here...

Taiwan Stock Market Tipped To Open In The Green

The Taiwan stock market on Friday snapped the two-day slide in which it had fallen more than 110 points or 0.9 percent. The Taiwan Stock Market now rests just above the 12,090-point plateau and it may see additional support on Monday.

The global forecast for the Asian markets is positive thanks to solid economic data from the world’s largest economies. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow that lead.

The TSE finished slightly higher on Friday as gains from the financial shares and cement companies were offset by weakness from the technology stocks.

For the day, the index was up 23.39 points or 0.19 percent to finish at 12,090.29 after trading between 12,055.91 and 12,117.55.

Among the actives, Cathay Financial collected 0.35 percent, while Mega Financial added 0.47 percent, Fubon Financial gained 0.53 percent, First Financial jumped 1.46 percent, E Sun Financial rose 0.52 percent, Taiwan Semiconductor Manufacturing Company shed 0.45 percent, United Microelectronics Corporation dropped 0.93 percent, Hon Hai Precision soared 2.56 percent, Largan Precision lost 0.60 percent, Catcher Technology sank 0.80 percent, MediaTek eased 0.12 percent, Asia Cement advanced 0.72 percent, Taiwan Cement increased 0.34 percent and CTBC Financial was unchanged.

The lead from Wall Street is positive as stocks fluctuated Friday but still inched higher, sending the major averages to fresh record closing highs.

The Dow added 50.46 points or 0.17 percent to 29,348, while the NASDAQ gained 31.81 points or 0.34 percent to 9,388.94 and the S&P 500 rose 12.81 points or 0.39 percent to 3,329.62. For the week, the Sow added1.8 percent, the NASDAQ gained 2.3 percent and the S&P rose 2 percent.

The continued strength on Wall Street was widely attributed to Chinese GDP data even though the latest report showed China’s economy grew

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GLOBAL MARKETS-Asia shares camp on high ground, oil up on Libya shutdown

SYDNEY (Reuters) – Asian shares neared a 20-month top on Monday as Wall Street extended its run of record peaks on solid U.S. economic data and lashes of liquidity from the Federal Reserve.

Investors look at screens showing stock information at a brokerage house in Shanghai, China January 16, 2020. REUTERS/Aly Song

Oil prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

Early turnover in Asian shares was light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.1%, after notching its highest close since June 2018. Japan’s Nikkei added 0.2% to be near its highest in 15 months.

Australia’s main index scored another all-time peak and South Korea was near its best level since October 2018. E-Mini futures for the S&P 500 edged up 0.1%.

Eyes will be on U.S. corporate earnings with Netflix Inc, Intel Corp and Texas Instruments Inc set to report this week, while central banks in the European Union, Canada and Japan hold policy meetings.

Sentiment was supported by the relentless run of record highs on Wall Street. Only three weeks into the new year, the S&P 500 has gained just over 3% and the NASDAQ almost 5%.

Ray Attrill, head of foreign exchange strategy at National Australia Bank, suspects the strength on Wall Street owes much to the Federal Reserve’s decision in September to rein in rising repo rates by flooding markets with cash.

“The relationship between the size of the Fed’s balance sheet, now some 11% bigger than where it was in late September, and the performance of U.S. risk assets is uncanny,” he said, noting the balance sheet

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Malaysia Shares May Again Challenge The 1,600-Point Mark

The Malaysia stock market has finished higher in three straight sessions, rising more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,565-point plateau and it’s tipped to open in the green again on Monday.

The global forecast for the Asian markets is positive thanks to solid economic data from the world’s largest economies. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher on Friday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index gained 7.93 points or 0.50 percent to finish at the daily high of 1,595.81 after moving as low as 1,586.76.

Among the actives, Petronas Dagangan surged 5.97 percent, while Axiata soared 5.50 percent, Sime Darby spiked 1.80 percent, Maxis accelerated 1.79 percent, Digi.com jumped 1.76 percent, Top Glove climbed 1.06 percent, AMMB Holdings gathered 1.03 percent, IHH Healthcare perked 0.90 percent, Dialog Group tumbled 0.88 percent, Malaysia Airports Holdings skidded 0.84 percent, Genting Malaysia advanced 0.60 percent, Press Metal plunged 0.58 percent, RHB Capital added 0.52 percent, IOI Corporation rose 0.43 percent, Petronas Chemicals dropped 0.42 percent, Kuala Lumpur Kepong shed 0.41 percent, MISC gained 0.37 percent, Public Bank collected 0.20 percent, CIMB Group lost 0.19 percent, Sime Darby Plantations increased 0.19 percent, Maybank was up 0.12 percent and Petronas Gas, Tenaga Nasional and Hong Leong Bank were unchanged.

The lead from Wall Street is positive as stocks fluctuated Friday but still inched higher, sending the major averages to fresh record closing highs.

The Dow added 50.46 points or 0.17 percent to 29,348, while the NASDAQ gained 31.81 points or 0.34 percent to 9,388.94 and the S&P 500 rose 12.81 points or 0.39 percent

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South Korea Bourse Tipped To Open In The Green

The South Korea stock market has climbed higher in back-to-back sessions, gathering almost 20 points or 0.9 percent along the way. Now at a 15-month closing high, the KOSPI now sits just above the 2,250-point plateau and it’s expected to extend its gains again on Monday.

The global forecast for the Asian markets is positive thanks to solid economic data from the world’s largest economies. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow that lead.

The KOSPI finished slightly higher on Friday following gains from the oil and chemical companies, while the financials were soft and the technology companies were mixed.

For the day, the index added 2.52 points or 0.11 percent to finish at 2,250.57 after trading between 2,245.58 and 2,268.71. Volume was 568 million shares worth 5.2 trillion won. There were 448 decliners and 354 gainers.

Among the actives, Shinhan Financial lost 0.61 percent, while KB Financial dipped 0.21 percent, Hana Financial sank 0.57 percent, Samsung Electronics advanced 0.99 percent, LG Electronics retreated 0.54 percent, LG Chem climbed 1.22 percent, SK Hynix shed 0.20 percent, SK Telecom fell 0.42 percent, KEPCO eased 0.19 percent, Kia Motors added 0.61 percent, SK Innovation gained 0.38 percent and Hyundai Motors and POSCO were unchanged.

The lead from Wall Street is positive as stocks fluctuated Friday but still inched higher, sending the major averages to fresh record closing highs.

The Dow added 50.46 points or 0.17 percent to 29,348, while the NASDAQ gained 31.81 points or 0.34 percent to 9,388.94 and the S&P 500 rose 12.81 points or 0.39 percent to 3,329.62. For the week, the Sow added1.8 percent, the NASDAQ gained 2.3 percent and the S&P rose 2 percent.

The continued strength on Wall Street was widely attributed to Chinese GDP data

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MEDSiS announces STO with partner WTIA to fuel global rollout and formally launch long-awaited KFinancial

MEDSiS announces STO with partner WTIA to fuel global rollout and formally launch long-awaited KFinancial – NASDAQ News Today – EIN News

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