Kinnate engineers $24M deal to win control of China joint venture back from OrbiMed, Foresite
When Kinnate Biopharma teamed up with OrbiMed and Foresite to launch a joint venture to bring its kinase inhibitors to the Chinese market in 2021, the biotech highlighted how OrbiMed Asia Partners, which led the $35 million Series A, brought “tremendous expertise and connections in China.”
Less than two years later, the investors are getting out of the picture.
Kinnate is buying back OrbiMed and Foresite’s ownership stakes in the Shanghai-based joint venture, which it’s since named Kinnjiu Biopharma. In total, it’s paying the firms $24 million — a mix of cash and Kinnate stock. Both firms remain on Kinnate’s board of directors.
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