Bayer and RTW Co-Lead Series D Investment in CORXEL, a Clinical-Stage Biopharma Company Focused on Cardiovascular and Ophthalmology Therapies in China

Collaboration to Focus on Cardiovascular and Ophthalmology Areas in China

Berlin, Germany, New York, USA, and Shanghai, ChinaJanuary 6, 2024PR Newswire -- Bayer and RTW Investments (hereinafter referred to as "RTW") today announced equity investments of $35 million and $127 million, respectively, in Ji Xing Pharmaceuticals (Shanghai) Co., Ltd. (hereinafter referred to as "Ji Xing"). Ji Xing is a clinical-stage biopharmaceutical company founded by RTW, dedicated to bringing innovative science and medicines to Chinese patients suffering from serious life-threatening diseases. Through this collaboration, Bayer will gain the right of first negotiation for the commercialization rights of Ji Xing's pipeline products in the cardiovascular and ophthalmology fields.

As representatives of the cooperating parties, Peter Fong (third from the right), Senior Managing Director and Head of Venture Incubation at RTW and Executive Director of the CORXEL Board; Yanping Mu (fourth from the right), Executive Director and Chief Executive Officer of CORXEL; Xiaolan Zhou (fourth from the left), Global Executive Vice President of Bayer AG’s Pharmaceuticals Division and President of Bayer Greater China; and Dr. Friedemann Janus (third from the left), Senior Vice President of Bayer Pharmaceuticals Division, Head of Global Regional Business Development and Open Innovation, attended the signing ceremony recently held in Shanghai.

This collaboration will fully leverage Bayer's extensive experience in the cardiovascular and ophthalmology fields, as well as its strong presence and influence in China. Bayer and CORXEL will establish a Joint Portfolio Strategy Committee to further explore additional potential business development opportunities. Meanwhile, Xiaolan Zhou, Global Executive Vice President of Bayer AG’s Pharmaceuticals Division and President of Bayer China, as well as President of Bayer Greater China, will join the board of directors of CORXEL.

Dr. Juergen Eckhardt, Member of the Global Executive Management Committee of Bayer's Pharmaceuticals Division, Head of Global Strategy, Business Development, and Licensing & Open Innovation, and Head of Bayer’s impact investment arm "Leaps by Bayer," stated: "We have always focused on areas of healthcare with high unmet needs, striving to provide better services for patients. This collaboration with RTW is an important step in that direction. By investing in CORXEL, we will continue to expand our global network of partnerships and strengthen Bayer's local influence in China."

"CORXEL is on an exciting growth trajectory. This is driven by a world-class R&D team that has a unique understanding of how to most effectively deliver innovative therapies for complex diseases to millions of patients in China," said Roderick Wong, Managing Partner and Chief Investment Officer of RTW. "We believe CORXEL has the ability to fulfill its mission of bringing breakthrough treatments to millions of people in China."

"I am very pleased to represent Bayer in joining the board of directors of CORXEL," said Xiaolan Zhou, Global Executive Vice President of Bayer AG’s Pharmaceuticals Division and President of Bayer Greater China. "We will fully leverage Bayer's long-established industry leadership and commercial operations foundation in China, work hand-in-hand with our partners, unlock the full innovative potential of the candidate drugs, and bring more health benefits to patients suffering from cardiovascular diseases and eye conditions."

"CORXEL is very pleased to establish a strategic partnership with Bayer. Bayer is a leading multinational pharmaceutical company with strong influence in China," said Yanping Mu, Executive Director of the Board and CEO of CORXEL. "This milestone collaboration will enhance CORXEL's capabilities in new drug development and manufacturing from preclinical to commercial stages, enabling us to rapidly expand our global presence. We look forward to continuing to advance and provide innovative therapies and solutions for patients."

Leaps by Bayer, the impact investment arm of Bayer, co-led the Series D financing of CORXEL (incubated by RTW in 2019) with RTW.