$161 million! China Biopharmaceutical completes acquisition of F-star Therapeutics

On March 9, China Biopharmaceutical Corporation announced that invoX Pharma Limited, a wholly-owned subsidiary of China Biopharmaceutical Corporation headquartered in the United Kingdom with a growing pipeline of innovative products, has acquired F-star Therapeutics, Inc. (Nasdaq: FSTX, a clinical-stage biopharmaceutical company that is a pioneer of bispecial antibodies for immunotherapy, with total cash payments of approximately $161 million (or $7.12 per share) and has received all regulatory clearances necessary to complete the transaction, This includes clearance from the UK regulator responsible for enforcing the National Security and Investment Act and from the Committee on Foreign Investment in the US.

With the completion of the acquisition, invoX will now be able to develop next-generation immunotherapies to treat cancer patients through a leading and differentiated platform of bisspecific antibodies. F-star has pioneered the use of quadrivalent (2+2) bisspecific antibodies with internal discovery capabilities to achieve a paradigm shift in cancer treatment. F-star's primary asset, FS118, is a bisspecific antibody targeting the suppression of PD-L1 and LAG-3 double immune checkpoints, Phase 2 trials are currently underway in head and neck cancer patients with acquired resistance to checkpoint inhibitors, as well as in patients with non-small cell lung cancer (NSCLC) and diffuse large B-cell lymphoma (DLBCL) initially treated with checkpoint inhibitors. The company's clinically-stage bisspecific antibody pipeline also includes FS222, a dual-targeted CD137 (4-1BB) activator and PD-L1 inhibitor currently in Phase 1 clinical trials; And FS120, a dual activator targeting OX40 and CD137 (4-1BB) currently in Phase 1 clinical trials.

After the transaction, invoX will have F-Star's strong scientific and regulatory leadership team. The team has decades of experience in the medical and clinical development functions of large multinational pharmaceutical companies as well as small biotech companies with high growth potential. The team will continue to oversee ongoing clinical trials of clinical assets around the world.

The transaction maintains F-Star's partnership with multinational pharmaceutical companies in the research, development and commercialization of novel bisspecific antibodies using F-Star's proprietary platform. The remaining potential milestone payments under such partnerships are $2.2 billion. The transaction also puts invoX in a unique position to expand partnerships with multinational pharmaceutical companies based on its geographic location and innovative R&D platform.