Week in Review: Baidu Raising $2 Billion for New China Biopharma

Deals and Financings   Baidu, a major China internet/AI company, is raising $2 billion to fund a new China drug development and diagnostics company; Huadong Medicine partnered with Exscientia, a UK drug discovery company based on AI, to identify novel small-molecule candidates for oncology; CANbridge Pharma of Beijing formed a second gene therapy collaboration with UMass to use virus vectors to treat neuromuscular diseases; Hualan Genetic Engineering will develop three Harbour BioMed novel antibodies in return for China marketing rights to the candidates; An Ascletis subsidiary partnered with Israel 's Galmed Pharma to test a combination therapy for NASH; Trials and Approvals   Zai Lab of Shanghai announced China approval of a new indication for its PARP inhibitor --  first-line maintenance therapy for ovarian cancer; Beijing 's CANbridge Pharma was approved to launch Hunterase® in China for Hunter syndrome, a rare disease; Junshi Bio of Shanghai reported the US FDA granted Breakthrough Designation to its PD-1 for nasopharyngeal carcinoma; Everest Medicines, a Shanghai biopharma, began dosing patients in a China Phase III trial of a treatment for autoimmune renal disease; Zion Pharma, headquartered in Hong Kong , started a US Phase I trial of its novel HER2 inhibitor that is aimed at the brain metastases of HER2+ breast cancer. Stock Symbols: (NSDQ: BIDU) (SHZ: 0963) (HK: 1672) (NSDQ: GLMD) (NSDQ: ZLAB) (HK: 1877; SHA: 688180) Share this with colleagues: // //
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