GenScript Biotech explained

GenScript Biotech Corporation
Type:Public
Traded As:HKEX:
Industry:Life sciences
Foundation:2002 in New Jersey[1]
Founders:Fangliang Zhang, Ye Wang, Luquan Wang
Location:Piscataway, NJ[2]
Area Served:Worldwide
Key People:Shao Weihui, CEO

GenScript Biotech, fully known as GenScript Biotech Corporation, usually referred to as simply GenScript, is a New Jersey-based biotech company.[3] [4] [5] It was co-founded in 2002 in New Jersey by Fangliang Zhang, Ye Wang, and Luquan Wang.[6] The company mainly provides life science research application instruments and services.[7] It was listed on the Hong Kong Stock Exchange in 2015.[8] The current rotating CEO of the firm is Shao Weihui, who also served as the chief operating officer and Chinese Communist Party Committee Secretary for the company.[9] [10] The company's main subsidiaries include Legend Biotech,[11] ProBio Technology,[12] and Bestzyme.[13]

Outside of the United States, GenScript has established presences in China, Singapore, Japan, the United Kingdom, and the Netherlands, among others.[14] The company's operations are divided into four main segments, CDMO platform, life-science services and products platform, integrated cell therapy platform, and industrial synthetic products platform.[14] In September 2021, the firm and its subsidiary Probio received series A funding from Hillhouse Capital.[15]

History

GenScript was formed in 2002 in New Jersey. In 2004, it set up a research and production base in Nanjing, China.[16] In 2009, the company secured a $15 million investment from KPCB China Fund.[17]

In 2011, the company opened a subsidiary in Japan. In 2013, it established Bestzyme.[16] In the following year, another subsidiary of the firm, Legend Biotech, was founded.[18] In 2015, GenScript went public on the SEHK.

In 2017, the Chinese government accepted Nanjing Legend's application for running clinical trials for its blood cancer treatment,[19] with its IND application approved by the CFDA.[20] In the same year, Legend Biotech USA Inc. and Legend Biotech Ireland Limited, non-wholly owned subsidiaries of GenScript,[21] entered into a collaboration agreement with Janssen Biotech[22] to share CAR-T treatments in the US and China.[23] Subsequently, GenScript fully acquired CustomArray.[24]

In 2020, its subsidiary Probio was launched.[25] In the same year, Genscript collaborated with Duke-NUS Medical School to develop and manufacture a serology test called cPass for the detection of COVID-19.[26] On November 6, the cPass test received emergency use authorization from the US FDA.[27] [28] Prior to that, Legend Biotech was listed on the NASDAQ under the symbol "LEGN".[29]

In 2022, Carvykti, a CAR-T cell therapy developed by Janssen Biotech and Legend Biotech,[25] was approved by the US FDA for the treatment of multiple myeloma in adult patients.[30] In the same year, it opened a protein and gene manufacturing facility in Singapore.[31]

In November 2023, Legend Biotech and Novartis signed an out-license deal to develop and manufacture Legend's chimeric antigen receptor (CAR-T) therapies, that go after delta-like ligand protein 3 (DLL3) including large cell neuroendocrine carcinoma candidate LB2102. Novartis will pay the New-Jersey-based biotech $100 million upfront, and Legend Biotech will be eligible to receive up to $1.01 billion in clinical, regulatory, and commercial milestone payments and tiered royalties.[32]

In May 2024, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party asked the Federal Bureau of Investigation (FBI) and Director of National Intelligence for a briefing on whether the Chinese government has any undue influence over GenScript and three of its subsidiaries (Bestzyme, Legend Biotech, and ProBio).[33] [34] GenScript's stock fell on the news.[35]

Notes and References

  1. Web site: Venus Feng and Yoojung Lee . Road to Chinese Pharma Riches Runs Through the Bronx, New Jersey . . May 31, 2018 . https://archive.today/20230516114001/https://www.bloomberg.com/news/articles/2018-05-31/road-to-chinese-drug-riches-runs-through-the-bronx-new-jersey . May 16, 2023 . live .
  2. Web site: Dawn Furnas . GenScript, fellow NJ biotech partner on COVID-19 antibody test distribution . NJBIZ . May 26, 2022 . https://archive.today/20230516100919/https://njbiz.com/genscript-fellow-nj-biotech-partner-on-covid-19-antibody-test-distribution/ . May 16, 2023 . live .
  3. Web site: Rick Mitchell . January 23, 2023 . Paul Hastings Advises GenScript, Probio on $224 Million Funding . live . https://archive.today/20230516095707/https://news.bloomberglaw.com/business-and-practice/paul-hastings-advises-genscript-probio-on-224-million-funding . May 16, 2023 . Bloomberg Law.
  4. Web site: Tim Gray . July 13, 2018 . The New Revolution Brought About by Gene Synthesis . live . https://archive.today/20230516071011/https://www.nytimes.com/2018/07/13/business/trade-wars-global-funds.html . May 16, 2023 . The New York Times.
  5. Kate Knibbs. The Promise of Antibody Treatments for Covid-19 . . May 22, 2020 . https://archive.today/20230516132543/https://www.wired.com/story/coronavirus-covid-19-antibody-treatment/ . May 16, 2023 . live . Wired.com.
  6. Weijing Zhou. Web site: KPCB invests $15 mln in Jinsite . . June 20, 2009 . https://archive.today/20230517151939/http://finance.sina.com.cn/roll/20090620/02196375537.shtml . May 17, 2023 . live .
  7. Web site: Yuexiang Zhou . Singapore Strives to Become Asia's Biomedical Hub . . May 10, 2023 . https://archive.today/20230517093739/https://www.zaobao.com/finance/singapore/story20230510-1390556 . May 17, 2023 . live .
  8. Web site: Eric Ng . Genscript's shares jump by a third on US$350m Johnson & Johnson unit tie-up . . December 22, 2017 . https://archive.today/20230516141207/https://www.scmp.com/business/companies/article/2125467/chinese-biotech-firm-genscripts-shares-jump-third-us350m-johnson . May 16, 2023 . live .
  9. Web site: Genscript Biotech Corporation Announces Chief Executive Officer Changes . MarketScreener . December 18, 2022 . https://archive.today/20230620050228/https://www.marketscreener.com/quote/stock/GENSCRIPT-BIOTECH-CORPORA-25502710/news/Genscript-Biotech-Corporation-Announces-Chief-Executive-Officer-Changes-42585866/ . June 20, 2023 . live .
  10. Web site: 2022-06-30 . 我院党委与金斯瑞集团党委举行党建共建暨校企合作签约仪式 . The Party Committee of our college and the Party Committee of GenScript Group held a signing ceremony for joint party building and school-enterprise cooperation . dead . https://web.archive.org/web/20220630142659/https://life.nju.edu.cn/life100/8e/ca/c42817a560842/page.htm . June 30, 2022 . 2024-06-02 . . zh.
  11. Web site: Russell Flannery (Forbes Staff) . Johnson & Johnson Partner's Stock Soars As Investors Embrace China Health, Tech . . June 7, 2020 . https://archive.today/20230618081547/https://www.forbes.com/sites/russellflannery/2020/06/07/johnson-johnson-partners-stock-soars-as-investors-embrace-china-health-tech/ . June 18, 2023 . live .
  12. Web site: Rick Mitchell . Wake Up Call: Kirkland, Cole Schotz Advising Bed Bath & Beyond . . April 24, 2023 . https://archive.today/20230617032137/https://news.bloomberglaw.com/business-and-practice/wake-up-call-kirkland-cole-schotz-advising-bed-bath-beyond . June 17, 2023 . live .
  13. Web site: China Digest: Lynk Pharma, Bestzyme Bioengineering securing funding . . May 31, 2023 . https://web.archive.org/web/20230618114221/https://www.dealstreetasia.com/stories/china-digest-lynk-bestzyme-345992 . June 18, 2023 . live . Stephanie Li .
  14. Web site: GenScript Launches A Protein Manufacturing Facility In Singapore . . . January 10, 2023 . https://archive.today/20230617092423/https://www.zaobao.com/wencui/social/story20230110-1352250 . June 17, 2023 . live .
  15. Web site: GenScript and Probio Close Series A Financing with Investment from Hillhouse . . September 6, 2021 . https://archive.today/20230610142436/https://www.paulhastings.com/news/genscript-and-probio-close-series-a-financing-with-investment-from-hillhouse . June 10, 2023 . live .
  16. Web site: Handbook of GenScript Biotech (2022 Edition) . www.genscript.com . May 24, 2022 . https://web.archive.org/web/20221206234444/https://www.genscript.com/gsfiles/techfiles/gene-synthesis-handbook-2019.pdf . December 6, 2022 . live .
  17. Web site: Jonathan Shieber . Kleiner Perkins' Former Front Man In China Starts Fresh . . July 17, 2009 . https://archive.today/20230617140818/https://www.wsj.com/articles/BL-VCDB-2450 . June 17, 2023 . live .
  18. Web site: Preetika Rana . How China Is Evolving From a Maker of Copycat Medicines Into a Producer of Complex Drugs . . August 5, 2018 . https://archive.today/20230516103959/https://www.wsj.com/articles/j-j-bets-on-chinese-startup-that-uses-llama-dna-to-fight-cancer-1533470402 . May 16, 2023 . live .
  19. Wei . Jianshu . Guo . Yelei . Wang . Yao . Wu . Zhiqiang . Bo . Jian . Zhang . Bin . Zhu . Jun . Han . Weidong . Clinical development of CAR T cell therapy in China: 2020 update . Cellular & Molecular Immunology . April 2021 . 18 . 4 . 792–804 . 10.1038/s41423-020-00555-x . 32999455 . 8115146 .
  20. Wei . Jianshu . Guo . Yelei . Wang . Yao . Wu . Zhiqiang . Bo . Jian . Zhang . Bin . Zhu . Jun . Han . Weidong . Clinical development of CAR T cell therapy in China: 2020 update . Cellular & Molecular Immunology . April 2021 . 18 . 4 . 792–804 . 10.1038/s41423-020-00555-x . 32999455 . 8115146 .
  21. News: GenScript Biotech Releases Announcement of its Latest Research and Development . MarketScreener . August 5, 2020 . June 1, 2024 . August 29, 2023 . https://web.archive.org/web/20230829130641/https://www.marketscreener.com/quote/stock/GENSCRIPT-BIOTECH-CORPORA-25502710/news/Genscript-Biotech-VOLUNTARY-ANNOUNCEMENT-RESEARCH-AND-DEVELOPMENT-UPDATE-31065805/ . live .
  22. News: Pharma Stock Roundup: Aerie's Rhopressa Approved, Label Expansion for BMY, Pfizer Drugs . . December 22, 2017 . https://archive.today/20230829130458/https://finance.yahoo.com/news/pharma-stock-roundup-aerie-apos-130201532.html . August 29, 2023 . live . Arpita Dutt .
  23. News: Chinese biotech: from copycat to innovator . . 0307-1766 . October 10, 2019 . https://archive.today/20230829130431/https://www.ft.com/content/03812ddf-84a3-4540-9850-9a33cfe637d0 . August 29, 2023 . live . Will Ballard .
  24. Web site: Vince Iral . Genscript Biotech to acquire US genomic sequencing company . . December 27, 2017 . https://web.archive.org/web/20230517175708/https://www.spglobal.com/marketintelligence/en/news-insights/trending/kp_nk4xxb9xne06fo5dk3q2 . May 17, 2023 . live .
  25. Web site: Dede Williams . GenScript Raises $224 Million in Fresh Capital . CHEManager . January 25, 2023 . https://web.archive.org/web/20230610170937/https://www.chemanager-online.com/en/news/genscript-raises-224-million-fresh-capital . June 10, 2023 . live .
  26. Web site: Lovelyn Tagalag . GenScript to collaborate with Singapore agency on COVID-19 test . . May 15, 2020 . https://archive.today/20230516151004/https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/genscript-to-collaborate-with-singapore-agency-on-covid-19-test-58645319 . May 16, 2023 . live .
  27. Web site: Coronavirus (COVID-19) Update: FDA Authorizes First Test that Detects Neutralizing Antibodies from Recent or Prior SARS-CoV-2 Infection . . www.fda.gov . November 6, 2020 . https://web.archive.org/web/20201106201335/https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-authorizes-first-test-detects-neutralizing-antibodies-recent-or . November 6, 2020 . live .
  28. Tan . Chee-Wah . Chia . Wan-Ni . Young . Barnaby E. . Zhu . Feng . Lim . Beng-Lee . Sia . Wan-Rong . Thein . Tun-Linn . Chen . Mark I.-C. . Leo . Yee-Sin . Lye . David C. . Wang . Lin-Fa . Pan-Sarbecovirus Neutralizing Antibodies in BNT162b2-Immunized SARS-CoV-1 Survivors . . 7 October 2021 . 385 . 15 . 1401–1406 . 10.1056/NEJMoa2108453 . 34407341 . 8422514 .
  29. Web site: Lucinda Shen . ZoomInfo raises nearly $1 billion in its IPO . . June 5, 2020 . https://archive.today/20230517072432/https://fortune.com/2020/06/05/zoominfo-raises-nearly-1-billion-in-its-ipo/ . May 17, 2023 . live .
  30. Web site: Peter Loftus . FDA Approves Cell-Based Multiple Myeloma Therapy Discovered in China . . February 28, 2022 . https://archive.today/20230516105735/https://www.wsj.com/articles/fda-approves-cell-based-multiple-myeloma-therapy-discovered-in-china-11646091257 . May 16, 2023 . live .
  31. Web site: GenScript's manufacturing facility boosts S'pore's role in fight against pandemic . Timothy Goh . . February 10, 2022 . https://archive.today/20230618143824/https://www.straitstimes.com/singapore/health/genscripts-manufacturing-facility-boosts-spores-role-in-fight-against-pandemic . June 18, 2023 . live .
  32. Web site: Ojha . Shreeyashi . 2023-11-15 . Legend & Novartis sign $100m agreement - BioProcess Insider . 2023-11-30 . BioProcess International . en-US .
  33. News: Freifeld . Karen . May 31, 2024 . US lawmakers ask FBI for briefing on GenScript Biotech's links to China . May 31, 2024 . Reuters.
  34. Web site: 2024-05-31 . Moolenaar, Krishnamoorthi Request FBI & DNI Briefing on Chinese Communist Party-Linked Biotech Firm . 2024-06-02 . . en . 2024-06-02 . https://web.archive.org/web/20240602144245/https://selectcommitteeontheccp.house.gov/media/press-releases/moolenaar-krishnamoorthi-request-fbi-dni-briefing-chinese-communist-party . live .
  35. News: Qin . Sherry . June 3, 2024 . GenScript Biotech Shares Drop After U.S. Lawmakers Scrutinize Chinese Ties . subscription . 2024-06-04 . . en-US . 2024-06-03 . https://web.archive.org/web/20240603150830/https://www.wsj.com/finance/stocks/genscript-biotech-shares-drop-after-u-s-lawmakers-scrutinize-chinese-ties-fadee581 . live .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "GenScript Biotech".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.