Fosun Kairos Launches with Strategic Restructuring and Rebranding from Fosun Kite
Fosun Kairos
Developer of Tumor Immune Cell Therapy Technologies and Products
Fosun Pharmaceutical
Healthcare Industry Group
October 2024
October 29, 2024, Fosun PharmaceuticalAnnounce——Fosun Kite has completed its strategic restructuring and brand upgrade, officially renamed as Fosun Kite Biotechnology, embarking on a new journey!
In the future, Fosun Kite will adhere to the mission of "Focus on Curing, Light Up Lives," and strive to become the most valuable leader in cell and gene therapies. It aims to bring the hope of a cure to cancer patients worldwide with more high-quality, innovative drugs that are advanced and cutting-edge.
Previously, in September 2024, Fosun Pharmaceutical announced that its holding subsidiary, Fosun Pharmaceutical Industry, would wholly own Fosun Kite Biotechnology Co., Ltd. and continue the existing licensed collaboration with Kite Pharma in the CAR-T cell therapy field. In this transaction, Fosun Pharmaceutical Industry will acquire the 50% equity stake in Fosun Kite held by Kite Pharma, enabling Fosun Pharmaceutical to hold 100% of Fosun Kite. Meanwhile, Fosun Kite and Kite Pharma will comprehensively amend and restate the original licensing agreement.
The announcement shows that Fosun Kite should pay Kite Pharma an accumulative milestone payment of 10 million US dollars within 90 days after the equity delivery, and according to the achievement of the licensed products' annual net sales, pay Kite Pharma a sales milestone of up to 25 million US dollars. In addition, Fosun Kite should pay Kite Pharma royalties at varying rates of 7%-13% on the annual net sales of all licensed products within the licensed territory.
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