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Center Ventures disposes of Jacobio shares with returns of $820 million

Bioengine Capital Inc., a subsidiary of Center Ventures, announced on 14 July that it will dispose of 10.773 million shares of Jacobio Pharmaceuticals at approximately TWD$76 per share, with an estimate at a total of TWD$820 million. The disposition of the shares is a tonic for Center Ventures, as the investment in six years came with 38 times returns compared to the buying of TWD$2 per share. After the release of the shares, Center Ventures’ shareholding is down to 12.77% but remains in the list of big shareholders to Jacobio.

Established in 2015, Jacobio is a joint venture of Center Ventures led by Dr Yingxiang Wang, the Founder of Betta Pharmaceuticals in China. Center Ventures was then with 25% of the shares and later with 15.64% following several rounds of fund raising.  

According to Chairman Rongjin Lin at Center Ventures, Jacobio has the strength in developing protein phosphate, KRAS and other transcription factor inhibitors, with facilities sitting in Beijing and Boston.

An early-stage SHP2 project conducted by Jacobio, which has been licensed AbbVie, bagged $20 million for the first milestone payment in June 2021. Adding to the list of new drugs includes JAB-21822, JAB-8263 and five IND-enabling projects in development.

Center Ventures aims to create seven to eight unicorns by 2025. On top of Jacobio, publicly listed companies it has Ausnutria and TOT Biopharm in Hong Kong, and a CDMO company Mycenax Biotech and medical device developer Medeon in Taiwan. Medeon's Cross-Seal, a large bore vascular closure system, was sold to Japan-based Terumo Corp. with $50 million.   

Lumosa Therapeutics, also in Taiwan, develops at a fast pace with new drugs. LT1001 for Post-Operative Pain, LT3001 for Acute Ischemic Stroke as well as LT5001 for Uremic Pruritus, are undertaking clinical trials which will bring momentum to Lumosa’s business aims at distribution and licensing.

Source in Chinese: Commercial Times 

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