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    300142   CNE100000WN2

WALVAX BIOTECHNOLOGY CO., LTD.

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SoftBank in investment talks with Chinese mRNA vaccine firm Abogen - sources

11/26/2021 | 08:22am EST
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

HONG KONG/BEIJING (Reuters) - Chinese mRNA vaccine developer Suzhou Abogen Biosciences is in talks with Japan's SoftBank and other investors to raise $300 million-$400 million, people familiar with the matter said.

The fundraising by Abogen is in its final stages, although the sum may change, according to two people who declined to be named because the information is not public yet.

It is not immediately clear how much SoftBank plans to invest, but a third person said the Japanese investment firm plans to lead the latest funding round.

The Suzhou-based firm, which raised more than $700 million in August from investors including Singapore's state investor Temasek Holdings and Hillhouse-backed GL Ventures, targeted a valuation of about 20 billion yuan ($3.1 billion) prior to the current fundraising, one of the people said.

Abogen is jointly developing a COVID-19 vaccine using mRNA technology with a research institute affiliated with the Chinese military and Walvax Biotechnology.

The potential vaccine has obtained approvals to begin Phase III clinical trials in Nepal, Mexico and Indonesia, according to Walvax, and is in the most advanced stage of clinical development among mRNA vaccine candidates that China is researching.

The candidate, named ARCoV, is yet to release peer-reviewed data from early-stage trials but it has received regulatory clearance in China to be tested as a booster dose for those who are inoculated with vaccines based on different technologies.

SoftBank declined to comment. Abogen did not immediately reply to Reuters' requests for comment.

($1 = 6.3888 Chinese yuan renminbi)

(Reporting by Julie Zhu, Kane Wu and Roxanne Liu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. -0.96% 49.69 End-of-day quote.1.53%
SOFTBANK CORP. 0.69% 1457 Delayed Quote.-0.52%
SOFTBANK GROUP CORP. 0.60% 5530 Delayed Quote.1.16%
WALVAX BIOTECHNOLOGY CO., LTD. -3.23% 55.4 End-of-day quote.-1.42%
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Financials
Sales 2021 4 408 M 694 M 694 M
Net income 2021 1 212 M 191 M 191 M
Net Debt 2021 - - -
P/E ratio 2021 72,4x
Yield 2021 0,29%
Capitalization 88 150 M 13 876 M 13 886 M
Capi. / Sales 2021 20,0x
Capi. / Sales 2022 14,0x
Nbr of Employees 1 237
Free-Float 27,8%
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Last Close Price 55,40 
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Managers and Directors
Run Sheng Jiang President & Director
Hua Zhou Chief Financial Officer
Yun Chun Li Chairman
Ling Ling Tang Chairman-Supervisory Board
Chao Hong Na Independent Director
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