Sun Pharma is taking its formulation distribution business in-house in the face of a new whistleblower complaint that drove down its stock price to a six-year low. To fill its huge debt hole, Takeda is looking to sell some emerging markets products that could fetch about $3 billion. Immunochina nabbed $20 million in series C funding on the back of positive interim data for its lead CAR-T therapy. And more.
Another whistleblower complaint has emerged against Sun Pharma. It reportedly laid out dubious transactions amounting to more than $816 million between Sun Pharma distributor Aditya Medisales and Suraksha Realty, a firm controlled by Sun director Sudhir Valia. As its stock price dropped to a six-year low, the India-based drugmaker switched its formulation distribution business from Aditya Medisales to a Sun subsidiary.
Takeda is considering selling some emerging markets products it originally obtained through its $14 billion buyout of Nycomed in 2011. The drugs could fetch about $3 billion, Bloomberg reported. Takeda’s performance in emerging markets has lagged other territories lately, and CEO Christophe Weber has said the company will consider cutting noncore assets outside of Japan to fund its Shire takeover.
Beijing biotech Immunochina has raised $20 million in series C. The company will use the cash to expand its manufacturing capacity and fund trials of its lead CAR-T IM19, as well as follow-up cancer drugs. The financing comes shortly after the firm reported 93% complete response rate for IM19 in interim analysis of a B-cell acute lymphoblastic leukemia trial.
Merck KGaA Chairman and CEO Stefan Oschmann told CNBC he is “absolutely certain” a top 50 biopharma company will emerge from China. He also ranked China among three of the world’s best-working ecosystems for innovation. On the heels of his remarks, Merck announced a strategic collaboration with China’s Tencent to work on digital health platforms in the country.
A South Korean court has suspended its financial regulator’s penalties on Samsung BioLogics. A court official said no violation has been proven in court, therefore a sanction right now could cause “irreparable damage,” according to Reuters. Korea’s Financial Services Commission previously imposed a $7 million fine on Samsung on account of deliberate accounting violations.
WuXi Biologics is in talks with three vaccine developers to make their products in China, CEO Chris Chen told the South China Morning Post. The biologics CDMO is forming a joint venture with veterinary vaccine maker Shanghai Hile Bio-Technology to focus primarily on human vaccines.
Tyto Care raised an extension of its series C round, with money from some Chinese investors. “Tyto Care’s mission of making high-quality healthcare accessible from the comfort of home is crucial, especially in China,” said Zewang Ni, chairman of Shenzhen Capital Group in China.