NetScientific plc (LON:NSCI) announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market capitalisation of HK$71bn. As part of the transaction, Fosun will invest an initial tranche of $3m, with another $7m due upon the completion of certain milestones, in return for a 40% interest in Glycotest as well as the China rights for its hepatocellular carcinoma (HCC) panel. The transaction still needs to be approved by regulatory authorities in both China and the US (where Glycotest is based). Approval is expected in around 30 days’ time.
Fosun Pharma receives China rights to HCC panel
Besides the 40% interest in Glycotest, Fosun will receive the exclusive China rights to manufacture and sell Glycotest’s panel for HCC as well as its pipeline tests. Glycotest will receive a royalty on sales and retain rights to markets outside of China.
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