AstraZeneca signs deal to promote product made in China — in mainland China; Israeli deep brain stimulation co Brainsway sets stage for $30M Nasdaq IPO
→ In what is being touted as the first time a multinational pharma company has secured a licence to sell a drug in China developed by a Chinese drugmaker, Luye Pharma on Wednesday said it had granted British drugmaker AstraZeneca $AZN the exclusive rights to promote its lipid-regulating Xuezhikang capsules, in mainland China. The manufacturer of the two decades old product, made by fermenting special red yeast rice, will retain all other rights to the asset and will continue to sell it. China-based Luye said the two parties are discussing the possibility of expanding Xuezhikang to the US and Europe, as well as other emerging markets.
→ Israeli medical device maker Brainsway is looking to go public on the Nasdaq under the symbol $BWAY. The company, which already has a listing on the Tel Aviv Stock Exchange, uses its deep transcranial magnetic stimulation technology to treat major depressive disorder and obsessive-compulsive disorder and has secured the FDA nod for it. It is now looking to expand the use of its tech for a number of psychiatric and neurological conditions. In an SEC filing, the company said it is expecting proceeds of $30 million in the IPO.