BEIJING–(BUSINESS WIRE)–Feb 4, 2021–
InnoCare Pharma (HKEX: 09969), a leading biopharmaceutical company, announced today two subscription agreements with Gaoling and YHG, a company of Hillhouse Capital Group, and Vivo Opportunity Fund, L.P, a company of Vivo Capital VIII, LLC. The two investors subscribed 191,613,000 and 18,895,000 new shares respectively, for a total of 210,508,000 new Shares, representing about 16.33% of the existing total issued Shares of the Company as at the date of this announcement and approximately 14.04% of the total issued Shares of the Company as enlarged by the allotment and issue of the Subscription Shares. The subscription price of HK$14.45 per share represents an 8.32% premium to the average closing price of the five trading days immediately preceding the date of the Subscription Agreements (not including 2 February 2021).
Hillhouse Capital adheres to the philosophy of value investing, and Vivo Capital focuses on investing in high-quality companies in the fields of life science and healthcare. The two investors are fully in line with InnoCare’s core value of "Science Drives Innovation".
InnoCare has built an integrated new drug development platform and continues to build a more competitive product pipeline. In addition to the self-developed Bruton’s tyrosine kinase (BTK) inhibitor orelabrutinib, which was approved for marketing at the end of last year, InnoCare has developed over a balanced pipeline of 10 drug candidates for the treatment of malignant tumors and autoimmune diseases. For example, the company’s pan-FGFR inhibitor ICP-192, which is currently in being studied two phase II clinical trials for the treatment of cholangiocarcinoma and urothelial carcinoma in China, has shown promising early efficacy data in patients with FGFR gene alterations. At the same time, InnoCare is also conducting phase I clinical trials of ICP-192 in the United States. Second-generation pan-TRK inhibitor ICP-723 is in phase I clinical trials in China for the treatment of advanced or metastatic solid tumors carrying NTRK fusion genes, which include indications such as breast cancer, colorectal cancer, lung cancer, thyroid cancer, etc., as well as patients who are resistant to the first generation of TRK inhibitors. In addition, InnoCare has been conducting multi-center and multi-indication clinical trials of orelabrutinib in China and the United States, including a global phase II clinical trial for the treatment of multiple sclerosis.
Based on the long-term investments, Hillhouse Capital has attached great importance to the biotech sector and values company’s long-term growth capabilities. The strategic investment from Hillhouse demonstrated the recognition of InnoCare’s strong innovation capabilities.
As one of InnoCare’s early and cornerstone investors, Vivo Capital has shared many experiences and resources with InnoCare, helping the company become a leader in the innovative drug field.
Dr. Jasmine Cui, the co-founder, Chairwoman and CEO of InnoCare said, “I am very pleased that Hillhouse Capital has joined as a strategic investor. At the same time, Vivo Capital has increased its holdings. The biotech industry needs continuous innovation and capital support. We believe that, through our joint efforts, InnoCare will develop more high-quality innovative drugs to benefit patients in China and around the world.”
About Hillhouse Capital
Founded in 2005, Hillhouse Capital has focused from the outset on long-term, structured investing, seeking to discover and create value. Hillhouse has become a leading venture capital and private equity investment organization in Asia in terms of both scale and performance. Its assets under management come mainly from visionary domestic and international institutional investors. As an investor in value with global vision, Hillhouse aims at sustainable and long-term growth. Hillhouse looks for the best entrepreneurs and managers to help companies improve their strategic performance on an ongoing basis through technology innovation, independent research, industry expertise, and world-class operations and management capabilities. It is also keen to tap the potential of entrepreneurs and work together with them to create value. Hillhouse’s investment portfolio covers areas such as biopharmaceutical & life sciences, original technologies & enterprise services, consumer & retail, and advanced manufacturing.
About Vivo Capital
Founded in 1996, Vivo Capital is a healthcare investment firm focused on investing in and building high quality companies. Vivo employs a unique multi-pronged strategy of identifying and working with companies with promising development and commercial stage products. Vivo Capital is headquartered in Palo Alto, California, with offices in Beijing, Shanghai, Hong Kong, and Taipei.
InnoCare is a commercial stage biopharmaceutical company committed to discovering, developing, and commercializing first-in-class and/or best-in-class drugs for the treatment of cancer and autoimmune diseases. We strategically focus on lymphoma, solid tumors, and autoimmune diseases with high unmet medical needs in China and worldwide. InnoCare has branches in Beijing, Nanjing, Shanghai, Guangzhou, New Jersey, and Boston.
This release contains certain statements that may be deemed “forward-looking statements”. The forward-looking statements made in this article only relate to events or information as of the date the statement is made. Except as required by law, we have no obligation to update or publicly revise any forward-looking statements and unexpected events after the date of forward-looking statements, regardless of whether new information, future events or other circumstances appear. Please read this article carefully and understand that our actual future results or performance may differ materially from expectations. All statements in this article are made on the publication date of this article and may change due to future developments.
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KEYWORD: CALIFORNIA CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: RESEARCH FINANCE CLINICAL TRIALS PROFESSIONAL SERVICES BIOTECHNOLOGY HEALTH PHARMACEUTICAL SCIENCE ONCOLOGY
SOURCE: InnoCare Pharma
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PUB: 02/04/2021 01:13 AM/DISC: 02/04/2021 01:13 AM
BEIJING–(BUSINESS WIRE)–Feb 4, 2021–