Sino Biopharm will acquire a 95.09% stake in Shanghai-based LaNova Medicines for a total price of approximately USD 500 million. Upon completion of the transaction, LaNova Medicines will become a wholly-owned subsidiary of Sino Biopharm. LaNova Medicines' total out-licensing deals in the past three years amounted to nearly RMB 30 billion.

Xinhua Finance, Nanjing, July 15 (Reporter: Zhu Cheng) - Sino Biopharm announced on July 15 that it will acquire a 95.09% stake in Shanghai-based LaNova Medicines for a total price of approximately USD 500 million. Combined with the 4.91% stake already acquired through participation in LaNova's Series C financing, LaNova Medicines will become a wholly-owned subsidiary of Sino Biopharm upon completion of the transaction.

LaNova Medicines, an innovative drug R&D company established in 2019, possesses four proprietary R&D platforms: antibody, ADC (Antibody-Drug Conjugate), TCE (T-cell Engager), and tumor microenvironment. It has partnered with renowned pharmaceutical companies such as AstraZeneca and MSD, with total out-licensing deals in the past three years amounting to nearly RMB 30 billion.

It is understood that among LaNova's assets, several new drugs under development have global competitiveness and are leading in clinical development progress. Furthermore, the company has the experience and capability to conduct clinical trials in China, the United States, and Australia, which is expected to boost the internationalization process of Sino Biopharm.

Miss Theresa Tse, Chairwoman of the Board of Sino Biopharm, stated that LaNova Medicines has an outstanding and efficient R&D team and a highly valuable innovation pipeline, having achieved remarkable R&D results in just over five years since its establishment. The addition of LaNova Medicines will significantly enhance Sino Biopharm's core competitiveness and international influence in the field of innovative cancer therapy, bringing better treatment options to patients worldwide.

Editor: Luo Hao