Sino Biopharm to Fully Acquire LaNova in $951M Oncology Deal

Sino Biopharmaceutical, a major Hong Kong–listed biotech, is set to acquire the remaining 95.09% of Shanghai’s LaNova Medicines for up to US $950.9 million, completing a full takeover pending regulatory approval within 30 business days. This move builds on Sino’s initial 4.91% investment in November 2024, when it participated in LaNova’s US $42 million Series C1 funding round.

Founded in 2019, LaNova has developed a rich pipeline of antibody-based cancer treatments, including LM‑299 (an anti‑PD‑1/VEGF bispecific antibody currently in Phase 1), LM‑108 (a CCR8‑targeting mAb in Phase 2), and LM‑302 (a Claudin 18.2‑targeting ADC in Phase 3). It has also already attracted licensing interest from global players: LM‑299 was licensed to Merck in a deal worth up to US $3.3 billion, and earlier asset agreements involved AstraZeneca and Bristol‑Myers Squibb .

By bringing LaNova fully in‑house, Sino aims to strengthen its oncology R&D capabilities and bolster its international competitiveness, leveraging LaNova’s proprietary platforms and clinical-stage programs. The acquisition complements Sino’s expanding cancer drug portfolio—such as Anlotinib and Penpulimab—by adding LaNova’s advanced biomolecular therapies to its toolkit.