3:50 PM
Jul 10, 2018
 |  BC Extra  |  Company News

Tasly Biopharmaceuticals gains control of JV ahead of possible IPO

Tasly Biopharmaceuticals Co. Ltd. (Shanghai, China) gained full control of its JV with Transgene S.A. (Euronext:TNG) and said it plans to list on the Hong Kong stock exchange. Tasly gained full rights in China, including Hong Kong and Macau, and Taiwan to HBV vaccine T101 and oncolytic cancer immunotherapeutic T601.

Transgene will transfer its 50% ownership stake in the JV -- Transgene Tasly (Tianjin) BioPharmaceutical Co. Ltd. -- to Tasly Biopharmaceuticals in exchange for $48 million in newly created Tasly shares. The partners said the shares will represent 2.53% of Tasly's pre-IPO capitalization.

T101 is in a Phase I trial, with data due early next year. Transgene said a Phase I trial of T601 is “actively being prepared.”

On a conference call, Transgene Chairman and CEO Philippe Archinard said Tasly's IPO is expected this year or early in 2019.

Tasly Biopharmaceuticals is a subsidiary of Tasly Pharmaceutical Co. Ltd. (Shanghai:600535). Tasly Pharmaceutical was up RMB0.55 to RMB25.55 on Tuesday. Transgene added €0.22 to €3.21. The news was announced after Shanghai markets closed Tuesday and during market hours in Paris.

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