Grail hauls in mon­ster $300M round from Chi­nese in­vestors amid ru­mors about Hong Kong IPO

The can­cer screen­ing up­start Grail got start­ed with more than a bil­lion dol­lars in launch mon­ey from some of the biggest gam­blers in the US ven­ture com­mu­ni­ty. And now some promi­nent Chi­nese in­vestors want in­to the game, an­te­ing up a $300 mil­lion mon­ster round to fu­el the de­vel­op­ment of new prod­ucts.

Hong Kong-based Al­ly Bridge Group led the fi­nanc­ing along­side Hill­house Cap­i­tal Group and 6 Di­men­sions Cap­i­tal. They are joined by Blue Pool Cap­i­tal, Chi­na Mer­chant Se­cu­ri­ties In­ter­na­tion­al, CRF In­vest­ment, Huang­Pu Riv­er Cap­i­tal, ICBC In­ter­na­tion­al, Se­quoia Cap­i­tal Chi­na, and WuXi NextCODE. No specifics were giv­en re­gard­ing the use of pro­ceeds, ex­cept that they will “sup­port on­go­ing de­vel­op­ment and val­i­da­tion of prod­ucts for the ear­ly de­tec­tion of can­cer in Grail’s clin­i­cal re­search pro­gram.”

Ken Drazan

The mon­ey could be a crossover round for Grail, which has been ru­mored to be in the hunt for an IPO on the Hong Kong ex­change. The city just re­vamped its rules to al­low pre-rev­enue com­pa­nies like Grail to list.

“Many of our new in­vestors have a fo­cus in Asia, which we be­lieve is a nat­ur­al fit as we plan to grow our ca­pa­bil­i­ties and op­er­a­tions in the re­gion, fol­low­ing the planned launch of our first prod­uct for ear­ly de­tec­tion of na­sopha­ryn­geal can­cer in Hong Kong this year,” said Ken Drazan, pres­i­dent, in a state­ment.

A well-known in­vest­ment firm op­er­at­ing be­tween Chi­na, the US and Eu­rope, Al­ly Bridge Group played a cru­cial as­sist role for Ge Li when he took WuXi pri­vate in 2015. Founder and CEO Frank Yu has al­so in­vest­ed in Tesaro and Sor­ren­to Ther­a­peu­tics.

Frank Yu

“We are very im­pressed with the sci­en­tif­ic, clin­i­cal, and soft­ware en­gi­neer­ing achieve­ments the team at GRAIL has made in just over two years. Our sig­nif­i­cant in­vest­ment in GRAIL aligns well with Al­ly Bridge’s strong fo­cus on in­vest­ing in some of the world’s most in­no­v­a­tive life sci­ence tech­nolo­gies and en­hanc­ing val­ue-cre­ation across ge­o­gra­phies,” said Yu in a re­lease.

The funds bring Grail’s to­tal haul to $1.5 bil­lion — with the $300 mil­lion be­ing part of $1 bil­lion Grail is re­port­ed­ly seek­ing be­fore the Hong Kong IPO.

A fa­vorite in Alex­ion’s C-suite is leav­ing, and some mighty sur­prised an­a­lysts aren’t the least bit hap­py about it

Analysts hate to lose a biotech CFO they’ve come to trust and admire — especially if they’re being blindsided by a surprise exit.

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David Grainger [file photo]

'Dis­con­nect the bas­tard­s' — one biotech's plan to break can­cer cell­s' uni­fied de­fens­es

Chemotherapy and radiotherapy are the current gladiators of cancer treatment, but they come with well-known limitations and side-effects. The emergence of immunotherapy — a ferocious new titan in oncologist’s toolbox — takes the brakes off the immune system to kill cancer cells with remarkable success in some cases, but the approach is not always effective. What makes certain forms of cancer so resilient? Scientists may have finally pieced together a tantalizing piece of the puzzle, and a new biotech is banking on a new approach to fill the gap.

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While No­var­tis ban­ish­es Zol­gens­ma scan­dal scars — Bio­gen goes on a Spin­raza 'of­fen­sive'

While Novartis painstakingly works to mop up the stench of the data manipulation scandal associated with its expensive gene therapy for spinal muscular atrophy (SMA) Zolgensma— rival Biogen is attempting to expand the use of its SMA therapy, Spinraza. 

The US drugmaker $BIIB secured US approval for Spinraza for use in the often fatal genetic disease in 2016. The approval covered a broad range of patients with infantile-onset (most likely to develop Type 1) SMA. 

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Eye­ing big ther­a­peu­tic push, Gink­go bags $290M to build a cell pro­gram­ming em­pire

Ginkgo Bioworks is on a roll. Days after publicizing a plan to nurture new startups via partnerships with accelerators Y Combinator and Petri, the Boston biotech says it has raised another $290 million for its cell programming platform to reach further and wider.

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UP­DAT­ED: Speak­er Nan­cy Pelosi to un­veil bill for fed­er­al­ly ne­go­ti­at­ed drug prices

After months of buzz from both sides of the aisle, Speaker Nancy Pelosi will today introduce her plan to allow the federal government to negotiate prices for 250 prescription drugs, setting up a showdown with a pharmaceutical industry working overtime to prevent it.

The need to limit drug prices is a rare point of agreement between President Trump and Democrats, although the president has yet to comment on the proposal and will likely face pressure to back a more conservative option or no bill at all. Republican Senator Chuck Grassley is reportedly lobbying his fellow party members on a more modest proposal he negotiated with Democratic Senator Ron Wyden in July.

Jeff Kindler's Cen­trex­ion re­news bid to make pub­lic de­but

Jeffrey Kindler’s plan to take his biotech — which is developing a slate of non-opioid painkillers — public, is back on.

The Boston based company, led by former Pfizer $PFE chief Kindler, originally contemplated a $70 million to $80 million IPO last year— but eventually postponed that strategy. On Wednesday, the company revived its bid to make a public debut in a filing with the SEC — although no pricing details were disclosed.

Zachary Hornby. Boundless

'A fourth rev­o­lu­tion in can­cer ther­a­pies': ARCH-backed Bound­less Bio flash­es big check, makes big­ger promis­es in de­but

It was the cellular equivalent of opening your car door and finding an active, roaring engine in the driver seat.

Scientists learned strands of DNA could occasionally appear outside of its traditional home in the nucleus in the 1970s, when they appeared as little, innocuous circles on microscopes; inexplicable but apparently innate. But not until UC San Diego’s Paul Mischel published his first study in Science in 2014 did researchers realize these circles were not only active but potentially overactive and driving some cancer tumors’ superhuman growth.

It’s fi­nal­ly over: Bio­gen, Ei­sai scrap big Alzheimer’s PhI­I­Is af­ter a pre­dictable BACE cat­a­stro­phe rais­es safe­ty fears

Months after analysts and investors called on Biogen and Eisai to scrap their BACE drug for Alzheimer’s and move on in the wake of a string of late-stage failures and rising safety fears, the partners have called it quits. And they said they were dropping the drug — elenbecestat — after the independent monitoring board raised concerns about…safety.

We don’t know exactly what researchers found in this latest catastrophe, but the companies noted in their release that investigators had determined that the drug was flunking the risk/benefit analysis.

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Mer­ck helps bankroll new part­ner Themis' game plan to fin­ish the chikun­gun­ya race and be­gin on­colyt­ic virus quest

As Themis gears up for a Phase III trial of its chikungunya vaccine, the Vienna-based biotech has closed out €40 million ($44 million) to foot the clinical and manufacturing bills.

Its heavyweight partners at Merck — which signed a pact around a mysterious “blockbuster indication” last month — jumped into the Series D, led by new investors Farallon Capital and Hadean Ventures. Adjuvant Capital also joined, as did current investors Global Health Investment Fund, aws Gruenderfonds, Omnes Capital, Ventech and Wellington Partners Life Sciences.