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ZAI Laboratory, Inc., an innovative drug startup based in Shanghai, raised more than $30 million from an international group of healthcare investors including Qiming, KPCB and Sequoia. ZAI's founder and CEO is Dr. Samantha Du, previously founder and CEO of Hutchison MediPharma, who led healthcare investments at Sequoia Capital in China prior to launching ZAI Lab earlier this year. Dr. Du told ChinaBio® Today that ZAI, which roughly translates to "one more time," will adopt a semi-virtual business model to develop a pipeline of five or six drug candidates with the intent of repeating the management team's past success in China.
Legend Holdings (LGDI.OB) is widely expected to be the winner in its bid to take over China Shijiazhuang Pharmaceutical Group Co., Ltd., one of the largest pharmaceutical companies in China. Wednesday, officials released an announcement saying that Legend was a “qualified bidder” for the company, the only entity to win that designation.