CASI Pharmaceuticals (CASI) said Monday it has struck a deal to sell two subsidiaries in China to Kaixin Pharmaceuticals for $20.0 million, including assumption of up to $20.0 million debt.
Kaixin is owned by Wei-Wu He, chairman of the board and CEO of CASI, the company said. The deal includes all licensing rights, distribution rights, supply arrangements and other rights on BI-1206 in China, CID-103 in Asia excluding Japan and Thiotepa in China excluding Hong Kong, Macau and Taiwan.
CASI said it expects to retain the rights related to CID-103 in Japan and non-Asian regions, EVOMELA, FOLOTYN, CNCT19 and CB-5339, and to focus on CID-103 after the deal.
"This initiative aligns with its strategic pivot toward developing CID-103 for the treatment of organ transplant rejection and autoimmune diseases," CASI said.
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