I love waking up in the morning and not knowing what's going to happen, or who I'm going to meet, where I'm going to wind up.
——TITANIC
導語：
門庭若市，競相投資：Y-mAbs今年二度成功融資，5000萬美元用於治療兒童罕見癌症。
肩袖損傷可以自然癒合？Smith & Nephew擬2.1億美元收購Rotation Medical，與你一起見證。
根植歐洲，意在全球：法國脊骨移植製造商Vexim以2.16億美元被史賽克收購。
丟掉拖油瓶還是保持多元化？禮來糾結不斷，動物健康板塊Elanco何去何從？
//轉載請註明出處：肖恩大俠//
私募融資 & IPO
1. 門庭若市，競相投資：Y-mAbs今年二度成功融資，5000萬美元用於治療兒童罕見癌症
概要：位於美國紐約的生物科技公司Y-mAbs宣布獲得5000萬美元投資，用於其癌症抗體項目burtomab和naxitamab的後期臨床試驗。這兩項藥物在斯隆-凱特琳癌症中心（Memorial Sloan-Kettering Cancer Center，簡稱MSK）被最先發現，將用於治療癌症中的罕見病如兒童神經母細胞瘤。繼今年1月各大機構競相投資的1200萬美元之後，該公司在美國臨床腫瘤學會年會（American Society of Clinical Oncology，簡稱ASCO）會議上宣布其藥物burtomab在患有兒童神經母細胞瘤和柔腦膜轉移的兒童身上取得積極的試驗結果。
相關報導：
Y-mAbs raises $50M funding to propel cancer duo into late-stage testing
Oct 25, 2017
Y-mAbs Therapeutics has raised $50 millionfrom private investors to fund late-stage trials of two antibodies—originally discovered at Memorial Sloan-Kettering Cancer Center (MSK)—with potential inthe treatment of rare cancers. The New York biotech’s CEO Claus Møller, M.D.,says the cash—from existing investors and new backer HBM Healthcare Investments—will 「enable us to focus on bringing our lead compounds, burtomaband naxitamab, through the final steps of the regulatory pathway towards approval.」
The fundraising is the second for Y-mAbs thisyear after it raised $12 million in an oversubscribed offering in January, andcomes after the biotech reported positive clinical results with burtomab inchildren with neuroblastoma and leptomeningeal (brain) metastases at thisyear’s ASCO conference. Neuroblastoma is a primary focus for Y-mAbs,which was set up three and half years ago by Thomas Gad after his daughter was treated for neuroblastoma at MSK. This type of cancer mainly affects babies and young children—with around 700 cases a year in the U.S.—and typically starts inthe adrenal glands but can quickly spread to other organs. HBM’s CEO Andreas Wicki said Y-mAbs』 approachto immunotherapy 「shows great promise and will further advance innovation andproduct development in the pediatric oncology field.」
Source: FierceBiotech
http://www.fiercebiotech.com/biotech/y-mabs-raises-50m-funding-to-propel-cancer-duo-into-late-stage-testing
//轉載請註明出處：肖恩大俠//
併購
1. 肩袖損傷可以自然癒合？Smith & Nephew將用2.1億美元收購Rotation Medical，與你一起見證
概要：英國醫療公司Smith & Nephew宣布將要收購美國組織再生研發商Rotation Medical。後者主要進行肩袖損傷相關療法的創新研發，在患者進行關節內鏡輔助檢查的過程中，植入郵票大小的、從牛的阿基裡斯腱中提取的膠原蛋白生物傳感移植系統，從而增強人體自然癒合能力，促進肩袖部位組織再生。這一移植系統在2014年獲得了FDA的批准。Smith & Nephew方面表示，Rotation Medical將會強化公司的創新能力，瞄準從未被真正解決的肩袖損傷市場需求。在收購之後，Smith& Nephew計劃利用自身的運動藥物銷售團隊和Rotation Medical自身的銷售團隊在全球推廣該產品，並爭取獲得在歐盟地區的審批許可。
相關報導：
Smith & Nephew to acquire Rotation Medical for up to $210M
Oct 23, 2017
Smith & Nephew has agreed to acquiretissue regeneration player Rotation Medical for $125 million in cash upfront. Another $85 million is on the table if certain financial milestones are achieved. Rotation Medical is dedicated to transforming how rotator cuff tears are treated. The Plymouth, Minnesota-based company developed a collagen-based bioinductive implant derived from bovine Achillestendon. About the size of a postage stamp, the implant is delivered arthroscopically. It is designed to foster the growth of new, tendonlike tissue in the rotator cuff and earned FDA clearance in 2014. The treatment boosts the body’s natural healing response and has the potential to stop tears from getting worse andreduce the likelihood of retears, Smith & Nephew said in a statement. Rotator cuff tears are typically treated withsurgery, but many people delay surgery until the injury and pain have progressed, Rotation Medical says. While this allows patients to put off the long rehabilitation period and lifestyle changes that accompany recovery, italso makes it more difficult to repair the tear. 「Rotation Medical furthers our strategy toinvest in disruptive technologies that accelerate the transformation of Smith& Nephew to higher growth,」 said Smith & Nephew CEO Olivier Bohuon inthe statement. 「The Rotation Medical Rotator Cuff System is an innovativetechnology serving unmet clinical needs. It is highly complementary to ourSports Medicine portfolio and provides a compelling new treatment option forour customers.」 Smith & Nephew will sell the productthrough its sports medicine sales team, as well as through Rotation Medical’ssales force. The company also plans to file for regulatory approval in the EU.
Source: FierceBiotech
http://www.fiercebiotech.com/medtech/smith-nephew-to-acquire-rotation-medical-for-up-to-210m
2. 根植歐洲，意在全球：法國脊骨移植製造商Vexim以2.16億美元被史賽克收購
概要：史賽克近日收購了法國脊骨移植製造商Vexim，總計斥資2.16億美元。Vexim方面對這一收購表示興奮，並相信史賽克能夠幫助自身結合在歐洲的已有優勢，進一步向國際市場擴展，從而推廣自身的SpineJack技術，成為全球背部損傷治療的領導者。這家公司的SpineJack器械計劃在明年進入美國的510(k)審批階段。
Vexim的SpineJack器械
相關報導：
Stryker to acquire French spinal implant maker Vexim for $216m
Oct 25, 2017
Stryker (NYSE:SYK) yesterday acquired amajority stake in Vexim for roughly $216 million and plans to buy the rest ofthe French spinal implant maker today. Kalamazoo, Mich.-based Stryker paid €20($23.63) per share for Vexim’s stock and €3.91 ($4.62) per listed warrant, fora total equity value of €183 million, Vexim said. The deal is expected to close during the fourth quarter. 「We are really excited by this transaction and enthusiastic about our future integration into Stryker’s interventional spinebusiness, which we view as highly complementary to Vexim. Stryker willsignificantly help us achieve our objective to become a global spine trauma leader, through consolidation of our European presence and expansion of our international footprint. We will benefit from Stryker’s broad customer base and commercial platform in back trauma surgery, enabling further acceleration inthe adoption of the SpineJack technology. Stryker is the ideal partner to lay the ground for Vexim business on the promising US market,」 CEO Vincent Gardèssaid in prepared remarks.
Vexim’s clinical trial of its SpineJackdevice, compared with balloon kyphoplasty, is on track for a bid for 510(k)clearance in the U.S. next year, Gardès said. 「As Vexim enters its next chapter of growth aspart of Stryker Corp., I would like to warmly thank our reference shareholdersTruffle Capital, which co-founded the company, Bpifrance and Kreaxi, all of which steadily supported Vexim over the years,」 he said. 「This transaction further illustrates the power of medtech radical innovation in France,」 added Truffle CEO Dr. PhilippePouletty.
Source: MassDevice
http://www.massdevice.com/stryker-acquire-french-spinal-implant-maker-vexim-216m/
//轉載請註明出處：肖恩大俠//
行業盤點
1. 丟掉拖油瓶還是保持多元化？禮來糾結不斷，動物健康板塊Elanco何去何從？
概要：近日的禮來製藥，裁員不斷，頗不平靜。儘管這家公司在今年第三季度的銷售業績頗為優異，打破了華爾街的預測，但是其動物健康板塊Elanco似乎也面臨著被賣出去的命運。對於Elanco，禮來方面正在考慮戰略性選擇，包括賣出這一板塊或者將其IPO，具體決策將於明年年中宣布。自從禮來2014年以54億美元收購諾華的動物健康板塊之後，Elanco就得以迅速壯大，2016年更是和Boehringer Ingelheim的Vetmedica以8.85億美元合併。今年以來，Elanco為禮來帶來了23億美元收入。
相關報導：
Lilly weighs spinoff of bulked up Elanco even as it beats Streetestimates in Q3
Oct 24, 2017
Already working to slim down with thousands ofjob cuts, Eli Lilly announced on Tuesday it's looking at options for animal health business Elanco that could include a sale. At the same time, the drugmaker reported Street-beating sales for the third quarter, prompting it to boost its guidance for the year. Lilly says it is "reviewing strategic alternatives" for Elanco the animal health business that it has considerably bulked up with its $5.4 billion deal for Novartis' animal healthbusiness in 2014, followed by a 2016 acquisition of Vetmedica, from BoehringerIngelheim for $885 million. The company has "grown Elanco to a sizeand scale that now allows us to consider a variety of options to maximizefuture value," CEO David Ricks said in a statement. Lilly said it might still keep the business but is also weighing an IPO or sale of Elanco. It'll make an announcement on its decision by the middle of next year, according to its third-quarterearnings release. Overall, Lilly reported sales of $5.66 billionin the third quarter, a 9% increase over last year to beat consensus estimatesof $5.52 billion, even getting some benefit from insulin sales which have beenunder pressure from payers. Humalog beat sales estimates by $53 million. Lillyraised its 2017 sales guidance to $22.4 billion to $22.7 billion, from aprevious range of $22 billion to $22.5 billion. But third-quarter earnings took a hit on therecent large-scale slimdown the company announced that will cut 3,500 jobs inan effort to save $500 million in annual expenses. That move cost the drugmaker $1.2 billion up front. Reported EPS was 53 cents per share for the quarter,down 29% from the same period last year. Non-GAAP income and earnings per sharewere up 19% each versus last year's third quarter. So far this year, Lilly's Elanco has generated$2.3 billion in sales. A year ago, some market watchers wondered if Lilly might move to unload Elanco as the unit's sales dragged. But former CEO JohnLechleiter defended the unit, saying it was important to diversify thedrugmaker's revenues. Since taking the helm this year, new CEO Rickshas been on a turnaround mission, focusing on new drug launches and tweakingthe company to be more efficient.
Source: FiercePharma
http://www.fiercepharma.com/m-a/lilly-weighs-elanco-spinoff-as-it-beats-street-estimates-q3
以上，難免有疏漏或不正確之處，請多多指出，並在文下留言處留言，謝謝！
肖恩大俠，華蓋醫療基金董事總經理，北京。
畢業於北京大學工學院/醫學院（醫學碩士）、北京大學法學院（法學碩士）。資淺PE從業人士。躬耕於太湖，遊學至未名，當過醫生，學過法律，改行至風險投資，喜好讀書寫作，經史文集，現代科技都甚喜歡，偶爾有點憤青，時常有點較真，總是懷著理想，萬一，實現了呢？
歡迎交流醫療、文化、消費，歡迎交流一級市場、二級市場，歡迎交流國內及海外併購（有標的需要一起合作）。
郵箱：shawn.shi@qq.com