Following CAR-T pioneers' footsteps, Tessa launches China JV in $120M deal
These days just about every biotech serious about global development — and not just commercialization — has a China strategy. Tessa Therapeutics, a Baylor associated outfit based out of Singapore, is no exception.
Taking a page out of the CAR-T pioneers’ playbook, Tessa is establishing a joint venture with China-Singapore Guangzhou Knowledge City, which is initially putting down $40 million for a 13% stake with $40 million more to come in a second stage. The biotech, which now retains an 87% control, is also rolling out its own contributions in two phases, starting with $20 million and all its technology license rights for China.
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