En­do ax­es R&D staff in re­struc­tur­ing; Chi­na biotech Con­nect rais­es $20 mil­lion

• En­do $ENDP is carv­ing in­to its cor­po­rate group as well as brand­ed R&D ops in Malvern, PA, ax­ing about 90 staffers in a com­pa­ny-wide re­or­ga­ni­za­tion. The Dublin-based com­pa­ny ex­pects to save $40 mil­lion to $50 mil­lion a year in the re­struc­tur­ing.

• Suzhou-based Con­nect Bio­phar­ma­ceu­ti­cals has raised $20 mil­lion in a Se­ries A round for its work on im­mune sys­tem mod­u­la­tors for au­toim­mune dis­eases as well as can­cer. Qim­ing Ven­ture Cap­i­tal led the round, un­der­scor­ing a wave of new cash that’s be­gun to lift Chi­na’s biotech in­dus­try. Much of this mon­ey will pay for a Phase II study of CBP-307 for in­flam­ma­to­ry bow­el dis­ease.

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