Nima Farzan, Kinnate Biopharma CEO

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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