A seasoned GSK drug developer and a China money man have pooled resources to for a new biotech company with $100 M in venture funding. The new company, Ascletis, will have sites in Research Triangle Park, NC and Hangzhou, China. The company will focus its development efforts on infectious diseases and everyone's new favorite - cancers.
Ascletis will pursue a two-pronged model in order to provide greater revenues for investors at an earlier stage - that being in-licensing of drugs that can be offered in the China market and development of its own pipeline from proof-of-concept through phase II before partnering, out-licensing or selling the property developed.
The company is curently starting to spend cash on building its scientific staff with plans of adding up to 50 this year and possibly reaching 100 by the end of next year. The bulk of the staff will be situated in China to take advantage of a highly-trained work force at a more economical cost. Maybe 10-20% of the staff will reside in RTP. The founders say the strategy is formed in the US and the execution will occur in China. See Fierce Biotech.
Posted by Bruce Lehr April 6th 2011.