Issue Date: April 11, 2011
Sino-American Firm Raises $100 Million
Ascietis, a new specialty therapeutics firm based in the U.S. and China, says it has commitments for $100 million in financing from private investors in China and elsewhere. Led by Jinzi J. Wu, who was previously vice president of HIV drug discovery at GlaxoSmithKline, Ascietis plans to build a near-term business by in-licensing compounds for the Chinese market and a longer term business based on its own discoveries in the fields of cancer and infectious diseases. It will have facilities in Chapel Hill, N.C., and Hangzhou, China.
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