Dealmaking in a drought crowns Gracell, Proteologix BayHelix winners

An early wave of licensing deals and M&A may signal the eventual end of China’s first-ever biotech bear market, now grinding on long after the downturn has begun to ease in the U.S. and elsewhere. As such, it’s no surprise that M&A and licensing deals featured prominently in nearly all categories of this year’s BayHelix Awards — with Gracell and Proteologix sharing the M&A prize and Akeso, its lead asset partnered with Summit, winning for R&D and its CEO taking the prize for leadership by a woman. 

Gracell Biotechnologies Co. Ltd., founded by Chairman and CEO William Cao in 2017, was acquired by AstraZeneca plc (LSE:AZN; NASDAQ:AZN) late last year for $1 billion. The deal marked one of the few early-stage deals among last year’s at least 22 biotech takeouts valued at $1 billion or more. At the time of the announcement, the Shanghai-based biotech had reported data from an investigator-initiated trial of its BCMA and CD19 dual-targeting autologous CAR T therapy GC012F. A U.S. Phase I/II trial of the asset to treat multiple myeloma was underway. The acquisition includes a contingent value right tied to an undisclosed regulatory milestone that would bring the takeout to $1.2 billion. If consummated, the CVR would bring the deal premium to 86%...