CFIUS Discussing Potential Mitigation With UK, Chinese Biotech Companies
U.K.-based biotechnology company F-star Therapeutics and invoX Pharma, a subsidiary of China-based Sino Biopharmaceutical, are working with the Committee on Foreign Investment in the U.S. on a potential mitigation agreement for their proposed combination. In a Feb. 1 SEC filing, the parties said they voluntarily withdrew and “immediately refiled” a voluntary notice on Jan. 30 at the request of CFIUS to give them more time to “negotiate the terms of a mitigation agreement and continue discussions” with the committee.
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CFIUS had originally asked the parties in October to withdraw and refile their notice after saying it needed more time to assess whether the deal threatened U.S. national security. In December, CFIUS informed both companies that it planned to block the acquisition if they failed to resolve the committee's "identified national security risks," according to a December SEC filing.