GNNSF - Week In Review: Signs Of Life After Coronavirus - China Biopharma Scores $721 Million In Deals
Deals and Financings
Ping An (PNGAY), a China insurance company, announced a $311 million agreement with Japan's Shionogi to develop new drugs for infectious diseases and CNS needs based on Ping An's lifestyle data. For its $311 million, Ping An will receive a 2% stake in Shionogi shares. The two companies will form a JV (51% owned by Shionogi), headquartered in Hong Kong, to develop the drugs. Shionogi said $120 million would be allocated to in-license products, while $160 million would develop new products, which will include novel, generic and over-the-counter drugs.
Nanjing Legend Biotech,