Chi­na's Tasly Bio­phar­ma turns a de­vel­op­ment part­ner in­to an in­vestor as it preps Hong Kong IPO

In a ma­jor en­dorse­ment of their Chi­nese part­ner’s drug de­vel­op­ment prowess, France’s Trans­gene is swap­ping own­er­ship of a joint ven­ture — and con­trol of their as­sets — for a stake in Tasly Bio­phar­ma, the bio­phar­ma arm of the Chi­nese med­i­cine gi­ant.

Tasly, which is prep­ping its pitch to list on the Hong Kong stock ex­change, is pay­ing Trans­gene (Eu­ronext Paris: $TNG) $48 mil­lion in shares in ex­change for 100% con­trol of Trans­gene Tasly (Tian­jin) Bio­Phar­ma­ceu­ti­cal and full Chi­na re­search, de­vel­op­ment and com­mer­cial rights to two virus-based im­munother­a­py as­sets orig­i­nat­ing from the French biotech. That trans­lates to 2.53% of Tasly’s cap­i­tal af­ter a pre-IPO round that has been priced but not dis­closed.

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