BioCentury
ARTICLE | Finance

June 25 Quick Takes: Chi-Med rakes in $100M; plus bank rules rolled back, newco DeCART has June ties and more

June 26, 2020 1:33 AM UTC

Chi-Med raises $100M private placement
Hutchison China MediTech Ltd. (NASDAQ:HCM; LSE:HCM) raised $100 million Thursday in a private placement to General Atlantic through the sale of 4 million ADSs at $25. The price matches its U.S. close on Wednesday. General Atlantic has a warrant to purchase an additional 3.3 million ADSs at $30 million; each ADS represents 5 shares.

Changes in Volcker rule
The Fed and four other federal regulatory agencies eased rules that limit the ability of banks to invest in hedge funds and private equity funds, including those managed by VCs. The modifications to the Volcker rule take effect Oct. 1. The five agencies also finalized changes to their swap margin rule that lower the amount of money banks must set aside to cover possible losses in swap trades, which could free up billions of dollars for the entities. The interim final rule is open for comment for 60 days.
Carl June leads Nurix CAR T spinout
Nurix Therapeutics Inc. has formed cancer company DeCART Therapeutics, which is developing drug-enhanced CAR T cell therapies. The newco founded, led and chaired by Carl June will combine T cell engineering with Nurix’s targeted protein modulation products. DeCART’s first program will use Nurix’s NX-0255, a small molecule inhibitor of the E3 ubiquitin ligase Cbl-b, during ex vivo CAR T processing and engineering...