US-based MediBeacon enters into $30m partnership with China’s Huadong Medicine

Photo by Louis Reed on Unsplash

US-based MediBeacon Inc. has reached a $30 million deal giving China’s Huadong Medicine Co. Ltd. exclusive rights to its portfolio in China, Hong Kong, Macau and Taiwan, according to a statement.

Under the agreement, Huadong will make an initial payment of $15 million in lieu of equity to MediBeacon, valuing the company at $300 million. Once the TGFR system receives FDA approval, the US company will receive a second $15 million equity payment at a valuation of $400 million.

As part of the deal, the Shenzhen-listed medicine company will fund clinical trials, commercial and regulatory activities in 25 Asian countries and regions including Greater China (PRC Mainland China, Hong Kong, Macau, Taiwan), Thailand, Vietnam, Indonesia, Philippines and Singapore, according to a statement.

Huadong Medicine will fund all commercial and regulatory activities in Greater China and select Asian countries. In addition, MediBeacon will receive royalty payments on net sales in the specified countries.

As part of this transaction, Richard B. Dorshow, chief scientific officer and co-founder of MediBeacon Inc., will assume the role of special scientific advisor to Huadong Medicine.

Formed in 2012, MediBeacon’s largest shareholder is Pansend Life Sciences, LLC, a subsidiary of HC2 Holdings, Inc. The company commercialises biocompatible optical diagnostic agents for physiological monitoring, surgical guidance, and imaging of pathological disease.

Shenzhen-listed Huadong Medicine, on the other hand, produces and sells antibiotic, a Chinese patent medicine, synthetic drug, genetic engineering drugs, besides specialising in Chinese herbal medicines, medical apparatus and instruments.

The company successfully issued 50 million A-shares on the Shenzhen stock exchange in December 1999. At present, the registered capital of the company is 14.58 million yuan. The company and its main subsidiaries have more than 8,000 employees.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.