Wave of Chinese biotech deals builds as Harbour BioMed, Solstice sign US$1.2 billion pact
Deal involving an antibody asset ‘goes beyond a traditional licensing transaction’, founder and CEO says
China’s Harbour BioMed has struck a deal worth more than US$1.2 billion with a clinical-stage biotechnology company to develop and commercialise an antibody outside China, as the country’s novel drug makers increasingly secure not only upfront licensing fees but also long-term international partnerships.
The Shanghai-based company announced a licence and equity agreement on Monday with Solstice Oncology, a firm established by a syndicate of venture capital investors, for the exclusive development and commercialisation of a clinical-stage asset, HBM4003, outside China.
Under the agreement, Harbour BioMed stands to receive US$50 million in upfront payments, US$5 million in near-term cash payments and more than US$50 million of equity in Solstice, as well as up to US$1.1 billion for additional development, regulatory and commercial milestones.
The partnership reflected Harbour BioMed’s “significant reputation in the discovery and development [of] novel therapeutic antibodies”, said Jingsong Wang, the firm’s founder, chairman and CEO.