FAST NEWS: Yidu Tech CEO Resigns, Replaced by Husband

The latest: Healthcare data company Yidu Tech Inc. (2158.HK) announced a series of leadership changes during the Wednesday midday trading break, with Gong Yingying resigning as CEO. She was replaced by her husband, Xu Jiming. Feng Xiaoying also replaced Yang Jing as CFO, executive director and authorized representative, and Yang resigned as president. Looking up: Xu Jiming, who will take over as CEO, will lead and manage the company’s life science solutions business. He has more than a decade of experience in search engine technology, big data and artificial intelligence,…

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FAST NEWS: Junshi Bio’s Loss Balloons on High R&D Spending

The latest: Drug developer Shanghai Junshi Biosciences Co. Ltd. (1877.HK; 688180.SH) announced on Monday it expects to report its revenue dropped 64.1% to 1.45 billion yuan ($2.14 billion) last year, while its net loss grew by 232% to 2.4 billion yuan. Looking up: The company’s core product, the toripalimab injection, recorded significant sales growth and has increased its revenue-generating capabilities with the approval of its use for two new indications in China. Take Note: The company said its relatively high investment in ongoing and upcoming projects caused its R&D expenses…

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FAST NEWS: InnoCare Pharma’s Loss Soars on R&D Costs, Exchange Losses

The latest: InnoCare Pharma Ltd. (9969.HK) said it expects to report its net loss soared about 13 times to 910 million yuan ($134 million) last year, according to a profit warning on Sunday. Looking up: The company reported a net loss of 834 million yuan for the first three quarters of last year. Thus, its full-year forecast implies a significant improvement in the fourth quarter, with its loss shrinking to about 76 million yuan. Take Note: The company’s bigger loss last year owed mainly to a 27% increase in in…

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FAST NEWS: Ascletis Pharma’s Monkeypox Drug Gets IND Approval

The latest: Ascletis Pharma Inc. (1672.HK) announced on Thursday that the China National Medical Products Administration (NMPA) has approved an Investigational New Drug (IND) application for its oral viral polymerase inhibitor ASC10 to treat monkeypox. Looking up: Preclinical studies showed ASC10-A, the active metabolite converted from ASC10, exhibited potent antiviral activity against both the monkeypox and Covid-19 viruses. Take Note: As of Jan. 25, only 85,106 confirmed cases of monkeypox virus had been identified worldwide, as a recent epidemic remains under control after an outbreak last year. As a result,…

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FAST NEWS: Hutchmed Sells Cancer Drug’s Overseas Rights for up to $1.13 Billion

The latest: Hutchmed (China) Ltd. (HCM.US; 0013.HK) announced on Wednesday that it has exclusively licensed Japan’s Takeda Pharmaceutical (TAK.US; 4502.T) to develop, manufacture and sell its metastatic colorectal cancer drug fruquintinib worldwide, with Hutchmed responsible for sales of the drug in mainland China, Hong Kong and Macau. Looking up: Hutchmed will receive up to $1.13 billion in total payments. That includes $400 million up front on closing, as well as potential regulatory, development and sales milestone payments, plus royalties on net sales. Take Note: Fruquintinib was approved for sale in…

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FAST NEWS: Hutchmed, Zai Lab, Ascentage Drugs Land on China Reimbursement List

The latest: Products from Hutchmed (China) Ltd. (HCM.US; 0013.HK), Zai Lab Ltd. (ZLAB.US; 9688.HK) and Ascentage Pharma Group (6855.HK) were among 111 new drugs selected for new inclusion in the 2022 edition of China’s National Reimbursement Drug List under the nation’s national health plan. Looking up: The inclusion of their products on the list will help the companies gain market share, boosting their future sales. Take Note: Products are required to offer major price concessions in exchange for inclusion on the list. Reflecting that, the 111 drugs added to the…

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FAST NEWS: Wuxi Bio Dives after Major Stakeholder Sells Shares

The latest: Contract drug services provider WuXi Biologics (Cayman) Inc. (2269.HK) announced on Tuesday that Biologics Holdings, one of its substantial shareholders controlled by its Chairman Li Ge, sold 56 million of its shares for about HK$3.98 billion ($510 million). Looking up: Major share sales for several listed companies in the past week were discounted by as much as 17% to the latest trading price. By comparison, Biologics Holdings is selling its shares for HK$71, representing a discount of just 3.9% to WuXi Biologics’ Monday closing price of HK$73.90. Take…

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FAST NEWS: Luye Pharma’s Schizophrenia Drug Wins FDA Approval

The latest: Drug maker Luye Pharma Group Ltd. announced Sunday that its drug Rykindo has been approved by the U.S. Food and Drug Administration (FDA) as a treatment for schizophrenia and bipolar disorder in adults. Looking up: Rykindo is the first FDA-approved complex dosage form product developed by a pharmaceutical company in China. The company is also developing the drug in Europe and plans to expand it to other global markets. Take Note: Bringing the product to new markets will require a wide range of costs, from conducting clinical trials…

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FAST NEWS: New Horizon Health Says Revenue Tripled in 2022

The latest: Cancer-screening device maker New Horizon Health Ltd. (6606.HK) said on Thursday it expects to report its revenue rose to between 750 million yuan ($110 million) to 783 million yuan last year, up 253% to 268% from 2021, mainly due to contributions from its ColoClear, as well as its new UU Tube product. Looking up: The company’s gross margin surged about 11.8 percentage points to around 84.5% last year thanks to significant increases in gross margins for ColoClear and Pupu Tube and strong margins for the newer UU Tube.…

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FAST NEWS: Antengene Acquires Full Interest in Anti-Tumor Cancer Drug

The latest: Biopharmaceutical company Antengene Corp. Ltd. (6996.HK) said on Wednesday it has agreed to acquire the remaining interest it doesn’t already hold in the anti-tumor drug ATG-037 from Calithera Biosciences (CALA.US), giving it ownership of all related patent materials. Looking up: While no terms of the agreement were disclosed, Antengene will no longer need to make any future milestone or royalty payments to Calithera. Take Note: Exclusive ownership of ATG-037 means Antengene has to bear the clinical trial, development and commercialization costs of ATG-037 alone unless it finds other development partners. Digging…

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