LONDON, Jan. 26, 2023 (GLOBE NEWSWIRE) -- invoX Pharma (“invoX”), a wholly owned subsidiary of Sino Biopharmaceutical Limited (“Sino Biopharm”) (HKEX 1177 HK), and F-star Therapeutics, Inc. (“F-star”) (NASDAQ:FSTX), today issued the following statement regarding their pending transaction in response to a media report: The parties continue working together in active discussions with the Committee on Foreign Investment in the United States (“CFIUS”) about the terms of a mitigation agreement to add
China's CanSino Biologics reported a 69.5% drop in revenue for the first six months versus a year ago, joining global and domestic COVID-19 vaccine makers affected by waning demand for their shots. The decline from 2.06 billion yuan ($299.8 million) to 629.8 million yuan was mainly driven by weaker COVID vaccine demand as growth in global uptake slowed and price changes of CanSinoBIO's products, the firm said in a company filing published on Sunday. CanSinoBIO, which sells a one-dose shot in countries including China and Mexico and is seeking approval for an inhaled version of the vaccine, said half-year net profit dropped by 98.7% year-on-year.
Sino Biopharmaceutical, through its wholly-owned subsidiary, is set to acquire F-star (FSTX) for $7.12 per share in cash. The transaction is likely to close by second-half 2022.