On May 12, Kaixin Pharmaceuticals, Inc. announced that it entered into an agreement to acquire assets of CASI Pharmaceuticals. The purchase price is $20 million, which shall include assumption of up to $20 million of indebtedness of CASI.
CASI Pharmaceuticals is a Cayman Island incorporated biopharmaceutical company focused on developing and commercializing therapeutics and pharmaceutical products.
Kaixin Pharmaceuticals is a Cayman Islands incorporated entity wholly-owned by Dr. Wei-Wu He, Chairman of the board of directors and CEO of CASI Pharmaceuticals and two direct subsidiaries of CASI Pharmaceuticals in China.
Under the terms of the agreement, Kaixin Pharmaceuticals shall purchase and acquire 100% equity interests in CASI Pharmaceuticals, including and all licensing rights, distribution rights, supply arrangements and related rights related to BI-1206 (in China), CID-103 (in Asia excluding Japan) and Thiotepa (in China excluding Hong Kong, Macau and Taiwan).
The Benchmark Company, LLC is serving as the financial advisor to the Special Committee of CASI. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Special Committee. Zhong Lun Law Firm is serving as legal counsel to CASI. Global Law Office is serving as PRC legal counsel to Kaixin Pharmaceuticals.
After the closing of the Transaction, CASI expects to retain the rights related to CID-103 (in Japan and non-Asian regions), EVOMELA®, FOLOTYN®, CNCT19 and CB-5339, and remain firmly committed to progressing CID-103 at an accelerated pace.
According to data captured in the LevinPro HC database, this transaction represents the 47th Biotechnology acquisition of 2025. Throughout all of 2024, 135 Biotechnology transactions were reported.
