Structure Therapeutics Hopes to Wow Investors With Cutting-Edge Drug Tech

The maker of G-protein-coupled receptor (GPCR) drugs will raise more than $100 million in its IPO this week, making it the first major U.S. listing by a Chinese company this year Key Takeaways: By Doug Young The march of new Chinese IPOs in New York continues this week with Structure Therapeutics Inc., which will become the biggest new listing from this group in more than a year with its trading debut set for later this week under the symbol GPCR. The symbol refers to the G-protein-coupled receptor (GPCR) treatments at…

Read More »

Losses Mount at InnoCare but Cash Cushion Dulls the Pain

The cancer drug developer logged another loss in the latest quarter but a cash pile of more than 9.2 billion yuan can sustain its business for the next five years Key Takeaways: InnoCare’s drug sales soared after its key product was approved for Chinese medical insurance coverage, but hefty foreign exchange losses pushed the accounts into the red The company raised nearly 3 billion yuan on Shanghai’s STAR Market in September, putting it in a comfortable cash position for now By Molly Wen China’s InnoCare Pharma Ltd. (9969.HK; 688428.SH) has…

Read More »

Surging Beigene Catches Case of Forex Flu

The drug maker’s net loss grew in the third quarter due to weakness in the Chinese yuan, even as its revenue nearly doubled Key Takeaways: Surging sales for its two self-developed drugs fueled an 88% rise in BeiGene’s third-quarter revenue, but over $100 million in foreign exchange losses caused its net loss to also widen At a time when many of its peers are cash starved, the company has plenty of money in its coffers and boosted its R&D spending by 21% during the quarter By Molly Wen A strengthening…

Read More »

New Drugs Approvals Bring No Relief for Ailing Innovent Bio

The innovative drug maker has been approved to sell two more cancer drugs in China, but that hasn’t lifted its stock price Key Takeaways: Innovent Bio has brought several drugs to market in recent years, including two announced last week, but is still losing money with no profits in sight The company has overhauled its commercialization model and is doing more licensing partnerships with multinationals to expand its drug pipeline By Molly Wen The Hong Kong stock market’s latest freefall hasn’t spared anyone, including once highly sought medical stocks that…

Read More »

FAST NEWS: BeiGene’s Lymphoma Drug Recommended to Enter European Regulator

The latest: BeiGene Ltd. (BGNE.US; 6160.HK; 668235.SH) announced Monday that its Zanubrutinib drug has received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA), which recommended approval for the drug to treat adults with marginal zone lymphoma. Looking up: Following the positive opinion, the European Commission will consider BeiGene’s marketing application, with a final decision expected within 67 days. If approved for marketing, the drug is expected to enter the world’s largest market with 29 member countries. Take Note: Marginal zone…

Read More »

Junshi Biosciences Hits Revenue Roadblock Amid Covid Drug Delay

Junshi Biosciences is facing business headwinds. Its key cancer drug has not sold as well as competing products and the company has yet to file a marketing application for its eagerly awaited Covid-19 oral drug. Key Takeaways: The company logged a revenue fall of 55% in the first half of the year and posted a loss of $131 million Phase 3 clinical trials for its Covid-19 oral drug wrapped up in May but the company has still not yet filed an application to market the product   By Molly Wen…

Read More »

U.S.-China Audit Deal Won’t Slow Hong Kong Dual Listing Train, Analysts Say

The landmark information-sharing agreement won’t dispel concerns over delistings of Chinese firms from New York until the deal is smoothly implemented Key Takeaways: Despite a landmark U.S.-China information-sharing agreement, some predict dual listings in New York and Hong Kong will remain the preferred choice for Chinese stocks UBS estimates Hong Kong Stock Exchange trading volume could rise up to 25% if all U.S.-traded Chinese stocks delist from New York and move to Hong Kong By Ken Lo The new information-sharing agreement between U.S. and China stock regulators was a welcome…

Read More »

InnoCare Revs Up for Next Phase With Strong Results, IPO Plan

Sales of the company’s key Orelabrutinib cancer drug doubled in the first half of the year, contributing to a 142% revenue jump for the period Key Takeaways: InnoCare Pharma’s revenue surged 142% in the first half of the year, but the company still lost money due to soaring R&D expenses and foreign exchange losses The company will use 4 billion yuan from a Shanghai STAR Market IPO to boost production and accelerate its product commercialization By Molly Wen Chinese drug stocks have cooled noticeably in the past year, as investors…

Read More »

As Losses Narrow, Is Zai Lab Finally Finding its Winning Formula?

The biotech breaks a cycle of widening losses as it shifts towards developing new drugs Key Takeaways: Zai Lab reported its loss shrank 65% in the first quarter of the year while its revenues continued to rise The company slashed its R&D costs by cutting licensing payments for existing drugs while spending more on finding new remedies By Tina Yip Zai Lab, like many pharma start-ups in China, kickstarted its business by licensing proven drugs from other companies. Investors had high hopes that it would later transform into an innovator…

Read More »

Amid Slowing Sales at Home, Innovent Biologics Stumbles Overseas

Cancer drug maker ended a tie-up to bring one of its drugs to North America last week, less than two months after its best-selling product was rejected by the FDA Key takeaways: Innovent Biologics terminated a plan to sell its bevacizumab biosimilar in North America with a local partner after trials for the drug fell behind schedule The company’s loss tripled last year on growing competition for its core product, whose sales fell 22% in this year’s first-quarter By Molly Wen With domestic competition heating up in the crowded China…

Read More »