On December 21, 2020 Jacobio of Beijing reported that it raised $174 million in a Hong Kong IPO to develop its portfolio of 12 novel drugs (Press release, Jacobio Pharmaceuticals, DEC 21, 2020, View Source [SID1234573225]). Formed five years ago, Jacobio differs from most of its competition because, so far, it has developed all of its candidates in house, though its website says the company hopes to be a China partner for foreign biopharmas . It also works only on molecules that have first-in-class potential. In June, the company out-licensed rights for its two lead candidates, both of them allosteric SHP2 antibodies, to AbbVie.

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