UK-based F-Star Therapeutics Inc., (NASDAQ: FSTX) revealed that there has been yet another delay to its proposed takeover by Sino Biopharmaceutical Ltd (HKG: 1177) subsidiary invoX Pharma. The proposed USD 161 million acquisition of F-Star by Sino Bio has attracted the attention of the US Committee on Foreign Investment to the US (CFIUS), which first ordered a 30-day review in August shortly after the deal was first announced. CFIUS then requested a further 45-day review extension. F-Star and Sino Bio jointly decided to extend the deadline for the takeover offer to expire from December 2 to December 16, 2022. The press release indicates that the extension is still related to permitting CFIUS to complete its review.
F-Star: Company and Pipeline Overview
F-star is a clinical-stage biopharmaceutical company pioneering next-generation bispecific immunotherapies via its own discovery platform. Its lead drug candidate is FS118, a checkpoint inhibitor targeting PD-L1 and LAG-3 subject to a Phase II clinical study in PD-1-resistant head and neck cancer, as well as a study in PD-1-naïve non-small cell lung cancer (NSCLC) and diffuse large B cell lymphoma (DLBCL). Other pipeline candidates include FS222, a CD137(4-1BB) agonist + PD-L1 inhibitor, and FS120, which targets OX40 and CD137(4-1BB).
Sino Bio and invoX Background
Sino Bio is one of China’s leading biopharma groups, with Chia Tai Tianqing Pharmaceutical one of its subsidiaries. invoX was established in March 2021 by Sino Bio in the United Kingdom to act as the Chinese parent’s international expansion platform, operating independently while still being a wholly owned subsidiary. The company focuses on R&D and business development activities outside of China, with a core focus on oncology and respiratory therapeutics.-Fineline Info & Tech
