The China-to-US experimental medicine pipeline is ballooning: yet another US-based biotech formed around a candidate from China’s Keymed Biosciences on Monday.
Life sciences investment firm RTW has set up a company called Prolium to take forward a CD20×CD3 bispecific known as CM355 outside Asia, the companies said in a
press release
and Hong Kong Stock Exchange
filing
.
Prolium will get rights to develop the antibody in both oncology and non-oncology indications in exchange for $17.5 million upfront and up to $502.5 million in biobucks. Keymed will split its earnings with partner Beijing InnoCare. The companies will also get a minority equity stake in the new company, according to the HKEX filing.
China-derived drug candidates have featured prominently in the pipelines of recently launched biotechs: four of the 10 megarounds so far this year have gone to biotechs developing such assets.
Chengdu-based Keymed is one of the many biopharmas driving the trend, having out-licensed candidates to two new companies earlier this month.
Timberlyne Therapeutics
emerged with $180 million and
Ouro Medicines
debuted with $120 million. And last year,
Belenos Biosciences
broke cover with two Keymed assets and a former Biohaven executive at the helm.
RTW, meanwhile, has recently taken part in similar newco formations. It helped form
Kailera Therapeutics
, which launched last year with $400 million and a Phase 3-ready obesity drug candidate from China-headquartered Hengrui.