Sino Biopharmaceutical announced on Tuesday that it will acquire the remaining 95.09% stake in LaNova Medicines for a maximum consideration of $950.92 million. The acquisition will give Sino Biopharm full ownership of the Shanghai-based company, which specializes in antibody-based cancer therapies. The transaction is expected to close within 30 business days, contingent upon the fulfillment of regulatory requirements.
Sino Biopharm previously invested approximately 142 million Chinese yuan, or $19.8 million, to secure a 4.91% stake in LaNova in November 2023. With this acquisition, LaNova will become an indirect wholly owned subsidiary of Sino Biopharm. According to a securities filing, the net payment for the acquisition is estimated at around $501 million, considering the cash balance of about $450 million held by LaNova.
Founded in 2019, LaNova focuses on developing therapeutic antibodies targeting cancer. The company drew broader attention in November 2023 when Merck & Co. entered into a licensing agreement for LaNova’s PD-1xVEGF bispecific antibody candidate, LM-299. Merck committed to an upfront payment of $588 million, with the total deal potentially reaching $3.3 billion. LM-299 is designed to block the PD-1 protein, which inhibits immune responses against tumors, while also reducing VEGF levels, a protein that can promote tumor progression.
The LM-299 transaction marked a significant event in a growing trend of PD-1xVEGF partnerships involving Chinese biotech firms. Pfizer entered a $1.25 billion upfront agreement for 3SBio’s candidate SSGJ-707, and Bristol Myers Squibb pledged $3.5 billion upfront for a PD-L1xVEGF bispecific from BioNTech. All three candidates were developed by Chinese companies.
Beyond LM-299, LaNova’s pipeline includes other clinical-stage programs. In 2023, AstraZeneca licensed a GPRC5D-targeting antibody-drug conjugate (ADC) labeled LM-305 from LaNova in a deal with a potential value of $600 million. The company is also advancing a CCR8 antibody currently in a phase 2 registrational trial in China, and a Claudin 18.2 ADC that is in phase 3 development. Sino Biopharm noted that it already holds the China rights to the CCR8 candidate as part of its earlier equity purchase.
LaNova’s research platforms also involve targeted antibodies, ADCs, T-cell engagers, and innovations in the tumor microenvironment. Other assets listed on its website include an anti-SIRPa antibody, a CTLA-4 tumor microenvironment-specific antibody, and two 4-1BB bispecific candidates aimed at NaPi2b and CEACAM5.
The acquisition follows Sino Biopharm’s separation from F-star Therapeutics, a U.K.-based antibody platform company. F-star, acquired by Sino Biopharm’s subsidiary invoX Pharma, became a private and independent entity three months ago after a lengthy acquisition process that faced regulatory scrutiny in the United States.
Sino Biopharm, one of China’s largest pharmaceutical firms, reported 2024 revenues of approximately 28.9 billion Chinese yuan, or around $4 billion, with oncology drugs comprising about 37% of that total. Commenting on the acquisition, the company stated: “The acquisition of the cancer treatment developer will enhance Sino’s competitiveness and influence in oncology innovation, while also enabling potential future international transactions by leveraging LaNova’s R&D capabilities.”
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