A pho­to log of my week in Shang­hai, host­ing the first an­nu­al US-Chi­na Bio­phar­ma In­no­va­tion and In­vest­ment Sum­mit

I’ve re­turned from a week in Shang­hai af­ter host­ing our first BI­IS con­fer­ence in Chi­na. It was ex­tra­or­di­nar­i­ly suc­cess­ful from my stand­point as the chief ex­ec­u­tive here at End­points News. (Yes, we’ll be re­turn­ing even big­ger in 2019.) This year we were joined by 250 del­e­gates who came to par­tic­i­pate in two days of meet­ings fea­tur­ing some of the most rec­og­niz­able names in the biotech world — which is led firm­ly by the Unit­ed States and Chi­na now.

The BI­IS con­fer­ence was cre­at­ed from scratch to gath­er bio­phar­ma lead­ers from around the world in an ul­tra-mod­ern fo­rum con­duct­ed in both Eng­lish and Chi­nese. Re­al­time trans­la­tions were pro­vid­ed in both lan­guages. The goal was to pro­vide com­mon space for serendip­i­tous ac­tion and part­ner­ship be­tween del­e­gates and speak­ers. Thanks to the hard work by the joint team at End­points and Pharm­cube, that vi­sion be­came a re­al­i­ty this week.

John Car­roll’s fire­side chat with Fa­heem Has­nain


Vivek Ra­maswamy lis­tens to re­al-time trans­la­tion of Dr. Jin­hui Gu’s keynote


Nisa Le­ung of Qim­ing Ven­tures de­liv­ers her keynote ad­dress 


Karen Liu, founder of 3E BioVen­tures, ad­dress­es del­e­gates


Grace Lu of Rus­sell Reynolds mod­er­ates a pan­el on the chal­lenges of re­cruit­ing tal­ent in this com­pet­i­tive bio­phar­ma mar­ket


Mem­bers of the End­points team at gala din­ner


I want­ed to give read­ers some brief im­pres­sions along­side a lengthy vi­su­al log in­to what the sum­mit was like. I’ll start with of­fi­cial pic­tures from the con­fer­ence and mix in some shots from my per­son­al iPhone as well to­ward the end.

by Ar­salan Arif


John Oyler BeiGene


John Oyler, the Amer­i­can CEO and founder of Chi­na-based Beigene, is a true pi­o­neer in the US-Chi­na bio­phar­ma sphere, and as such we se­lect­ed him as one of our chair­peo­ple for the BI­IS sum­mit. He kicked off the pro­ceed­ings with a keynote and took meet­ings at BI­IS through­out the day, stay­ing for the gala din­ner Mon­day evening.

Two things he said stuck out to me: 1) Chi­na will be the top coun­try for bio­med­ical clin­i­cal re­search in the near fu­ture, full stop; and 2) Chi­na en­ables an al­ter­na­tive busi­ness mod­el for bio­phar­ma where com­pa­nies no longer have to re­ly on ex­ist­ing US pric­ing schemes to be vi­able.


John Car­roll End­points News


Our own John Car­roll was up next. He has over one mil­lion words on the record over his 15 years of biotech cov­er­age. Over the course of the week I met count­less Chi­nese bio­phar­ma ex­ec­u­tives who re­count­ed sto­ries to me when they first start­ed read­ing John Car­roll. As long­time read­ers know, both John and I were at a pre­vi­ous com­pa­ny, pub­lish­ing un­der a dif­fer­ent ban­ner, pri­or to found­ing End­points News in June 2016. It was in­spir­ing to hear how many ex­ec­u­tives John has helped learn the ins and outs of bio­phar­ma from his cov­er­age ear­ly in their ca­reers, and now them­selves have moved in­to the ranks of peo­ple John and his team of ed­i­tors at End­points cov­er. John has been say­ing “Chi­na is com­ing” for eight years now. Chi­na has ful­ly ar­rived. There’s tremen­dous pro­fes­sion­al sat­is­fac­tion in be­ing on the ground, in full force, cov­er­ing it for our read­ers now.


Leon Chen 6 Di­men­sions


Chair­ing day two is one of the most in­flu­en­tial Chi­nese ven­ture cap­i­tal­ists in the world: Leon Chen, the found­ing part­ner and CEO of 6 Di­men­sions Cap­i­tal, the prod­uct of a re­cent merg­er of Front­line BioVen­tures and WuXi Ven­tures.

Dr. Chen is a mem­ber of the Ex­pert Re­view Pan­el for the Chi­nese Cen­tral Gov­ern­ment’s “1000 Tal­ents Pro­ject” and thus has keen in­sights in­to the re­cent phe­nom­e­non of Chi­nese tal­ent com­ing back af­ter train­ing and get­ting a foothold in Amer­i­ca. He’s led a num­ber of in­vest­ments in the life sci­ences, in­clud­ing Curon, Hua Med­i­cine, In­novent, Ada­gene, and many more. If you read End­points News, Leon Chen is a reg­u­lar fix­ture when we re­port on the lat­est star­tups out of both Chi­na and the Unit­ed States.


Mingde Yu 于明德 Chair­man, Chi­nese Phar­ma­ceu­ti­cal En­ter­pris­es As­so­ci­a­tion

Jin­hui Gu 顾金辉 Di­rec­tor, Of­fice of Ma­jor Drug De­vel­op­ment


We were de­light­ed to host two ma­jor fig­ures from Chi­na’s key cen­tral gov­ern­ment func­tions. No un­der­stand­ing of Chi­na is com­plete with­out the per­spec­tive of these se­nior lead­ers and how they view this cur­rent mo­ment in the de­vel­op­ment of Chi­na’s bio­phar­ma in­dus­try. For Eng­lish-on­ly BI­IS at­ten­dees, re­al-time trans­la­tions were key, as one of our cen­tral goals was to make every part of the con­fer­ence ac­ces­si­ble to all re­gard­less of lan­guage.

Mingde Yu de­liv­ered a keynote on Mon­day morn­ing which cen­tered around the re­mark­able progress be­ing made in Chi­na. He’s cur­rent­ly the chair­man of the Chi­nese Phar­ma­ceu­ti­cal En­ter­pris­es As­so­ci­a­tion, pre­vi­ous­ly hav­ing been in mul­ti­ple lead­er­ship roles in key cen­tral gov­ern­ment func­tions.

And on Tues­day we heard from Dr. Jin­hui Gu, di­rec­tor of the Na­tion­al Health Com­mis­sion’s Na­tion­al Sci­ence and Tech­nol­o­gy Ma­jor Pro­jects for New Drug De­vel­op­ment. He ad­min­is­ters a gov­ern­ment grant pro­gram of 33 bil­lion RMB which sup­ports al­most every new drug de­vel­op­ment pro­gram that has re­ceived mar­ket ap­proval in re­cent years. With more than 15 years work­ing ex­pe­ri­ence in Chi­na’s high­est reg­u­la­to­ry agen­cies, he made it clear that there is a clear man­date for Chi­nese-led in­no­v­a­tive drug de­vel­op­ment right from the top. And while much progress has been made, we’re still in the ear­ly days of Chi­na’s con­tri­bu­tion here.


Fred Co­hen Vi­da Ven­tures


Fred Co­hen, the co-founder and se­nior man­ag­ing di­rec­tor at Vi­da Ven­tures, de­liv­ered an in­spir­ing keynote ad­dress on Mon­day morn­ing which cen­tered around en­tre­pre­neur­ship and the lessons Chi­nese bio­phar­ma in­vestors might learn from the US bio­phar­ma ven­ture ex­pe­ri­ence.

As many in our au­di­ence know, on top of his in­vest­ing ca­reer Dr. Co­hen was at UCSF from 1980-2014 hold­ing mul­ti­ple re­spon­si­bil­i­ties rang­ing from re­search sci­en­tist to chief of en­docrinol­o­gy and me­tab­o­lism. He’s pub­lished over 200 peer re­view ar­ti­cles, and was elect­ed to the In­sti­tute of Med­i­cine and Na­tion­al Acad­e­my of Sci­ences in 2004, and the Amer­i­can Acad­e­my of Arts and Sci­ences in 2008. He’s keen­ly in­ter­est in Chi­na and we had a great chat about the CRO busi­ness in Asia-Pa­cif­ic and just how much it dif­fers from what we see state­side. (Hint: They’re crit­i­cal­ly im­por­tant to the bio­phar­ma in­fra­struc­ture in Chi­na, much more so than what we see state­side.)


Nisa Le­ung Qim­ing Ven­tures


Nisa Le­ung is the man­ag­ing part­ner of one of Chi­na’s top VC firms which man­ages over US$4 bil­lion in as­sets and has in­vest­ed in over 270 com­pa­nies. Ear­li­er this year we at End­points News named her as one of the top 12 Chi­na VCs that you need to know. She point­ed­ly brought up the trade war be­tween the US and Chi­na and said al­though it will have a neg­a­tive im­pact, we need to pre­pare for a sec­ond Trump term and weath­er the storm be­cause the US-Chi­na re­la­tion­ship pre­dates and will out­last Trump.


Fa­heem Has­nain Gos­samer Bio


Fa­heem Has­nain, the ex-CEO at Re­cep­tos and now co-founder of Gos­samer Bio, had a juicy fire­side chat with John Car­roll.  He told the au­di­ence how glum the mood was in the room with his up­per man­age­ment team af­ter they had just closed the $7 bil­lion Cel­gene sale. Glum, you read that right. Fa­heem re­count­ed for the BI­IS au­di­ence in raw de­tail what John Car­roll had al­ready re­port­ed on for the on­line End­points au­di­ence back in Jan­u­ary this year, and he took it a step fur­ther in Shang­hai ex­plain­ing just why Cel­gene isn’t pleased with him these days. He’s mak­ing it as easy as pos­si­ble for tal­ent to flock back to what he and his team are do­ing at Gos­samer.


Vivek Ra­maswamy Roivant


Vivek Ra­maswamy gave one of the most provoca­tive speech­es of the sum­mit, and then im­me­di­ate­ly sat down with John Car­roll for a fire­side chat to de­fend his pre­dic­tions. His bold call that bio­phar­ma will have fig­ured out all of its “col­lec­tive ac­tion prob­lems” by 2035 in­stant­ly sent lo­cal WeChat groups abuzz with chat­ter.

Lo­cal Chi­nese in­vestors and en­tre­pre­neurs that I spoke with were keen­ly aware of the $4 bil­lion Vivek has raised for his Vants and the 34 pro­grams they’ve got in the clin­ic. Lat­er on in the day I saw him around the Four Sea­sons, hav­ing lunch with sev­er­al del­e­gates and be­ing in­ter­ro­gat­ed about his plans for Sino­vant and Data­vant.


Brad Lon­car Lon­car In­vest­ments


Brad Lon­car is well known to End­points read­ers as a con­trib­u­tor to this pub­li­ca­tion, and as a biotech an­a­lyst and in­de­pen­dent in­vestor who has cre­at­ed mul­ti­ple life sci­ences ETF prod­ucts for in­vestors — his two ini­tial prod­ucts are $CN­CR and $CHNA.


This trip was my first time to Chi­na. I could not have asked for a bet­ter part­ner than the im­pres­sive team at Pharm­cube. Pro­duc­ing an in­ter­na­tion­al event in 90 days from a stand­ing start, which is what the team above did, can on­ly be done by a group of peo­ple who gen­uine­ly en­joy work­ing to­geth­er. The cru­cible can get hot. Above, pic­tured from left to right, is Richard Wang, Jean Cheng, my­self, Am­ber Tong, Jian­hua Jiang, and Chaowei Guo. Be­low is the en­tire Pharm­cube-End­points Chi­na team.

If you haven’t been to Chi­na yet, but fol­low Chi­na with in­ter­est, the su­perla­tives that come with Shang­hai all ap­ply. It’s spec­tac­u­lar. Un­like any city I’ve ever been to. The area that our con­fer­ence was in, Pudong, was grass fields 10 years ago. Now tow­ers of spec­tac­u­lar ar­chi­tec­ture shoot to the sky, con­nect­ed with thought­ful in­fra­struc­ture at pre­cise­ly the right widths and den­si­ty.

I’m from Kansas, came of age in DC and the I-95 cor­ri­dor, been all over the West Coast, trav­eled ex­ten­sive­ly across these Unit­ed States. And we have no frame of ref­er­ence for this kind of de­vel­op­ment.

There are some pre­dic­tions which this sum­mit has gal­va­nized for me — name­ly, that Chi­na will be the num­ber one na­tion for clin­i­cal re­search in due time — and oth­er pre­dic­tions that I’m am­biva­lent on. Ei­ther way, there will be more di­a­logue and End­points News and our part­ner Pharm­cube will con­tin­ue to fa­cil­i­tate the very best high-lev­el meet­ing that US-Chi­na bio­phar­ma pro­fes­sion­als can turn to. And you can ex­pect that on an an­nu­al ba­sis.

Here’s a sun­rise view from my ho­tel room at the Four Sea­sons.

Lat­er here I’m work­ing from the 35th floor on Sat­ur­day be­fore the con­fer­ence. The views are ar­rest­ing.

There’s a qual­i­ty to it that I couldn’t quite put my fin­ger on.

Be­ing from Kansas, I’m used to “free­dom-lov­ing coun­try” where in­di­vid­u­al­ism and a right to pri­va­cy is sim­ply the de­fault. So to get bio­met­ri­cal­ly scanned up­on ar­rival at the air­port, you take no­tice. Every­thing is reg­is­tered. Every­thing. My fel­low Kansan Brad Lon­car tweet­ed about los­ing his pass­port and iPad on a bench Tues­day night af­ter our #BI­IS18 con­fer­ence con­clud­ed.

If he’d done that in NYC, prob­a­bly Kansas too, his iden­ti­ty would have been stolen and his new Ap­ple prod­uct as good as gone. In­stead the po­lice showed up the next morn­ing at his ho­tel room be­cause some­one had turned it in, and the au­thor­i­ties knew where to find Brad Lon­car.

That kind of sys­tem is new to a Kansan.

Glu­cose Biosen­sor Sys­tems CEO Har­ry Sime­oni­dis an­nounces news at the con­fer­ence


Rus­sell Reynolds Grace Lu in­tro­duces her pan­el on tal­ent re­cruit­ment


Vivek Ra­maswamy gives an ex­plain­er on his Vants


End­points founder/CEO Ar­salan Arif mod­er­ates a pan­el on what US ex­ecs want from Chi­nese deals


Janet Mc­Ni­cholas with Jones Day speaks with Vi­da Ven­tures’ Fred Co­hen


Pharm­cube’s Jean Cheng 程静 mod­er­ates a pan­el on the Chi­nese on­col­o­gy pipeline


John Car­roll and Vivek Ra­maswamy fire­side chat


Na­tal­ie Chen of the Hong Kong stock ex­change ex­plains their new rules on list­ing


John Oyler, Founder and CEO of BeiGene, de­liv­ers a keynote ad­dress


Nisa Le­ung meets with del­e­gates


Ryan Watts, Denali CEO

Bio­gen hands De­nali $1B-plus in cash, $1B-plus in mile­stones to part­ner on late-stage Parkin­son’s drug

Biogen is handing over more than a billion dollars cash to partner with the up-and-coming neurosciences crew at Denali on a new therapy for Parkinson’s. And the big biotech is ready to pile on more than a billion dollars more in milestones — if the alliance is a success.

For Biogen $BIIB, the move on Denali’s small molecule inhibitors of LRRK2 puts them in line to collaborate on a late-stage program for DNL151, which is scheduled to start next year.

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Michel Vounatsos, Biogen CEO (via YouTube)

UP­DAT­ED: Bio­gen scores a pri­or­i­ty re­view for its Alzheimer's drug ad­u­canum­ab, mov­ing one gi­ant leap for­ward in its con­tro­ver­sial quest

Biogen scored a big win at the FDA today as regulators accepted their application for the controversial Alzheimer’s drug aducanumab and gave it a priority review.

The PDUFA date is March 7, 2021.

Significantly, Biogen says it did not use its priority review voucher to win special treatment at the FDA. The agency handed that out gratis.

That’s the ideal scenario Biogen was looking for as disappointed analysts wondered aloud about the delayed application earlier in the year.

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Levi Garraway, Roche CMO (Source: Genentech)

UP­DAT­ED: FDA hands out a quick OK for po­ten­tial SMA block­buster ris­diplam, giv­ing Genen­tech and Roche a chance to chal­lenge ri­vals on the price

US regulators handed Roche and Genentech a big win Friday afternoon, one that has market-shaping potential for its high-priced rivals from Novartis and Biogen.

The FDA has green-lit the companies’ spinal muscular atrophy drug risdiplam, which will be marketed as Evrysdi in the US, for use in patients two months and older. It’s the first SMA drug that can be taken orally, as Biogen’s Spinraza is injected into the spine while Novartis’ Zolgensma is a gene therapy.

Moncef Slaoui, Getty Images

When will it end? Big Phar­ma's top vac­cine ex­pert at OWS of­fers a speedy time­line for a Covid-19 vac­cine — ei­ther be­fore or right af­ter the elec­tion

Moncef Slaoui hasn’t started making plans for his summer vacation next year. But he offers high odds that all Americans will be able to do that in the not too distant future.

In an interview with a pair of sympathetic podcasters at the conservative American Enterprise Institute, Slaoui provides an education to listeners on how any drug or vaccine can be sped through trials. And he leaves the door wide open to the notion that the leading vaccine developers can demonstrate efficacy and safety in a compelling fashion as early as October — or as late as the end of this year.

Covid-19 roundup: Gates Foun­da­tion pours $150M in­to In­dia’s Serum In­sti­tute; Pfiz­er teams with Gilead on remde­sivir

By CEO and scion Adar Poonawalla’s estimation, the Serum Institute in India has already poured hundreds of millions of dollars into scaling up the unproven Covid-19 vaccine being developed by AstraZeneca and Oxford for use in low and middle income countries. It’s meant taking on a risk that other companies, including AstraZeneca, have mitigated with huge amounts of government funding.

Now, for the first time, Poonawalla is getting some outside help. The Gates Foundation has agreed to pay the institute $150 million to supply 100 million vaccines to India and other emerging economies next year, Reuters reported. That includes both the vaccine being developed by AstraZeneca and the one being developed by Novavax. Those vaccines will be available in 92 countries and be priced at $3 per dose.

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UP­DAT­ED: No­vavax her­alds the lat­est pos­i­tive snap­shot of ear­ly-stage Covid-19 vac­cine — so why did its stock briefly crater?

High-flying Novavax $NVAX became the latest of the Covid-19 vaccine players to stake out a positive set of biomarker data from its early-stage look at its vaccine in humans.

Their adjuvanted Covid-19 vaccine was “well-tolerated and elicited robust antibody responses numerically superior to that seen in human convalescent sera,” the company noted. According to the biotech:

All subjects developed anti-spike IgG antibodies after a single dose of vaccine, many of them also developing wild-type virus neutralizing antibody responses, and after Dose 2, 100% of participants developed wild-type virus neutralizing antibody responses. Both anti-spike IgG and viral neutralization responses compared favorably to responses from patients with clinically significant COVID‑19 disease. Importantly, the IgG antibody response was highly correlated with neutralization titers, demonstrating that a significant proportion of antibodies were functional.

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Bio­haven adds near­ly $1B in Nurtec deals with Roy­al­ty Phar­ma, Sixth Street

Biohaven just added nearly $1 billion to their balance sheet.

On Friday morning, the neuroscience biotech announced a pair of creative agreements with Royalty Pharma and the investment firm Sixth Street to bolster the commercial launch of their new migraine drug, Nurtec. Biohaven will sell a sliver of its royalties on Nurtec and 3% of the royalties on their experimental migraine drug zavegepant to Royalty Pharma as part of a larger agreeement that will pay $450 million. At the same time, the company announced they took out a $500 million loan from Sixth Street.

Ab­b­Vie set­tles in­sur­ance fraud suit, agrees to tweak nurse am­bas­sador pro­gram; CStone aims for NSCLC OK with pos­i­tive PhI­II da­ta

AbbVie has resolved a California lawsuit alleging insurance fraud in the promotion of its cash cow Humira, paying $24 million to settle things with the state’s insurance regulator.

The settlement comes almost four years after a whistleblower first reported AbbVie’s practice of deploying registered nurses to visit patients at home or call them by phone to ensure that Humira prescriptions are filled. AbbVie was also charged with providing illegal kickbacks to doctors in an attempt to encourage them to prescribe Humira for a range of anti-inflammatory diseases.

Per­cep­tive fields SPAC #3 as an­oth­er group of biotechs scoops up $364M in lat­est Nas­daq romp

There’s no sign that the windfall of cash dropping biotech’s way on Wall Street is abating. Three more biopharmas priced IPOs on Thursday and Friday morning, riding a historic boom with a $364 million payoff.

London-based biotech Freeline Therapeutics took home the lion’s share of the cash with $159 million after pricing 8,823,529 shares at $18 a pop. Checkmate Pharmaceuticals, of Cambridge, MA, raised $75 million with an offer of 5 million shares at $15 — right at the midpoint of its range. And Arya Sciences Acquisition Corp III, the third in a series from Perceptive, priced 13,000,000 shares at $10 per share.