Singapore-based biopharmaceutical company Tessa Therapeutics intends to create a joint venture (JV) with China-Singapore Guangzhou Knowledge City (CSGKC), a greenfield master development.
Under the deal, $120 million will be invested in the JV, whereby, CSGKC will invest $80 million while Tessa will contribute $40 million to the JV, aimed at finding the next cure for cancer.
The equity will be invested across two stages. In the first stage, CSGKC will invest $40 million for a 13 percent stake in the JV, whereas Tessa will provide $20 million and its technology license rights for China.
Tessa, expected to own the remaining 87 percent stake in the JV, said that the JV’s immediate focus will be to conduct clinical trials for its cell therapies in China, which target cancers for patients with hematological malignancies and solid tumors.