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GenScript Biotech

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GenScript Biotech Corporation
Company typePublic
SEHK: 1548
IndustryLife sciences
Founded2002 in New Jersey[1]
FoundersFangliang Zhang, Ye Wang, Luquan Wang
HeadquartersPiscataway, NJ[2]
Area served
Worldwide
Key people
Shao Weihui, CEO
Websitewww.genscript.com Edit this at Wikidata

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

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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]

References

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  1. ^ Venus Feng and Yoojung Lee (May 31, 2018). "Road to Chinese Pharma Riches Runs Through the Bronx, New Jersey". Bloomberg News. Archived from the original on May 16, 2023.
  2. ^ Dawn Furnas (May 26, 2022). "GenScript, fellow NJ biotech partner on COVID-19 antibody test distribution". NJBIZ. Archived from the original on May 16, 2023.
  3. ^ Rick Mitchell (January 23, 2023). "Paul Hastings Advises GenScript, Probio on $224 Million Funding". Bloomberg Law. Archived from the original on May 16, 2023.
  4. ^ Tim Gray (July 13, 2018). "The New Revolution Brought About by Gene Synthesis". The New York Times. Archived from the original on May 16, 2023.
  5. ^ Kate Knibbs. "The Promise of Antibody Treatments for Covid-19". Wired. May 22, 2020. Archived from the original on May 16, 2023. Wired.com.
  6. ^ Weijing Zhou. "KPCB invests $15 mln in Jinsite". 21st Century Business Herald. June 20, 2009. Archived from the original on May 17, 2023.
  7. ^ Yuexiang Zhou (May 10, 2023). "Singapore Strives to Become Asia's Biomedical Hub". Lianhe Zaobao. Archived from the original on May 17, 2023.
  8. ^ Eric Ng (December 22, 2017). "Genscript's shares jump by a third on US$350m Johnson & Johnson unit tie-up". South China Morning Post. Archived from the original on May 16, 2023.
  9. ^ "Genscript Biotech Corporation Announces Chief Executive Officer Changes". MarketScreener. December 18, 2022. Archived from the original on June 20, 2023.
  10. ^ "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]. Nanjing University (in Chinese). 2022-06-30. Archived from the original on June 30, 2022. Retrieved 2024-06-02.
  11. ^ Russell Flannery (Forbes Staff) (June 7, 2020). "Johnson & Johnson Partner's Stock Soars As Investors Embrace China Health, Tech". Forbes. Archived from the original on June 18, 2023.
  12. ^ Rick Mitchell (April 24, 2023). "Wake Up Call: Kirkland, Cole Schotz Advising Bed Bath & Beyond". Bloomberg Law. Archived from the original on June 17, 2023.
  13. ^ Stephanie Li (May 31, 2023). "China Digest: Lynk Pharma, Bestzyme Bioengineering securing funding". DealStreetAsia. Archived from the original on June 18, 2023.
  14. ^ a b "GenScript Launches A Protein Manufacturing Facility In Singapore". Lianhe Zaobao. Economic Development Board. January 10, 2023. Archived from the original on June 17, 2023.
  15. ^ "GenScript and Probio Close Series A Financing with Investment from Hillhouse". Paul Hastings. September 6, 2021. Archived from the original on June 10, 2023.
  16. ^ a b "Handbook of GenScript Biotech (2022 Edition)" (PDF). www.genscript.com. May 24, 2022. Archived (PDF) from the original on December 6, 2022.
  17. ^ Jonathan Shieber (July 17, 2009). "Kleiner Perkins' Former Front Man In China Starts Fresh". The Wall Street Journal. Archived from the original on June 17, 2023.
  18. ^ Preetika Rana (August 5, 2018). "How China Is Evolving From a Maker of Copycat Medicines Into a Producer of Complex Drugs". The Wall Street Journal. Archived from the original on May 16, 2023.
  19. ^ Wei, Jianshu; Guo, Yelei; Wang, Yao; Wu, Zhiqiang; Bo, Jian; Zhang, Bin; Zhu, Jun; Han, Weidong (April 2021). "Clinical development of CAR T cell therapy in China: 2020 update". Cellular & Molecular Immunology. 18 (4): 792–804. doi:10.1038/s41423-020-00555-x. PMC 8115146. PMID 32999455.
  20. ^ Wei, Jianshu; Guo, Yelei; Wang, Yao; Wu, Zhiqiang; Bo, Jian; Zhang, Bin; Zhu, Jun; Han, Weidong (April 2021). "Clinical development of CAR T cell therapy in China: 2020 update". Cellular & Molecular Immunology. 18 (4): 792–804. doi:10.1038/s41423-020-00555-x. PMC 8115146. PMID 32999455.
  21. ^ "GenScript Biotech Releases Announcement of its Latest Research and Development". MarketScreener. August 5, 2020. Archived from the original on August 29, 2023. Retrieved June 1, 2024.
  22. ^ Arpita Dutt (December 22, 2017). "Pharma Stock Roundup: Aerie's Rhopressa Approved, Label Expansion for BMY, Pfizer Drugs". Yahoo! Finance. Archived from the original on August 29, 2023.
  23. ^ Will Ballard (October 10, 2019). "Chinese biotech: from copycat to innovator". Financial Times. ISSN 0307-1766. Archived from the original on August 29, 2023.
  24. ^ Vince Iral (December 27, 2017). "Genscript Biotech to acquire US genomic sequencing company". S&P Global. Archived from the original on May 17, 2023.
  25. ^ a b Dede Williams (January 25, 2023). "GenScript Raises $224 Million in Fresh Capital". CHEManager. Archived from the original on June 10, 2023.
  26. ^ Lovelyn Tagalag (May 15, 2020). "GenScript to collaborate with Singapore agency on COVID-19 test". S&P Global. Archived from the original on May 16, 2023.
  27. ^ "Coronavirus (COVID-19) Update: FDA Authorizes First Test that Detects Neutralizing Antibodies from Recent or Prior SARS-CoV-2 Infection". www.fda.gov. Food and Drug Administration. November 6, 2020. Archived from the original on November 6, 2020.
  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 (7 October 2021). "Pan-Sarbecovirus Neutralizing Antibodies in BNT162b2-Immunized SARS-CoV-1 Survivors". New England Journal of Medicine. 385 (15): 1401–1406. doi:10.1056/NEJMoa2108453. PMC 8422514. PMID 34407341.
  29. ^ Lucinda Shen (June 5, 2020). "ZoomInfo raises nearly $1 billion in its IPO". Fortune. Archived from the original on May 17, 2023.
  30. ^ Peter Loftus (February 28, 2022). "FDA Approves Cell-Based Multiple Myeloma Therapy Discovered in China". The Wall Street Journal. Archived from the original on May 16, 2023.
  31. ^ Timothy Goh (February 10, 2022). "GenScript's manufacturing facility boosts S'pore's role in fight against pandemic". The Straits Times. Archived from the original on June 18, 2023.
  32. ^ Ojha, Shreeyashi (2023-11-15). "Legend & Novartis sign $100m agreement - BioProcess Insider". BioProcess International. Retrieved 2023-11-30.[permanent dead link‍]
  33. ^ Freifeld, Karen (May 31, 2024). "US lawmakers ask FBI for briefing on GenScript Biotech's links to China". Reuters. Retrieved May 31, 2024.
  34. ^ "Moolenaar, Krishnamoorthi Request FBI & DNI Briefing on Chinese Communist Party-Linked Biotech Firm". Select Committee on the CCP. 2024-05-31. Archived from the original on 2024-06-02. Retrieved 2024-06-02.
  35. ^ Qin, Sherry (June 3, 2024). "GenScript Biotech Shares Drop After U.S. Lawmakers Scrutinize Chinese Ties". The Wall Street Journal. Archived from the original on 2024-06-03. Retrieved 2024-06-04.
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