Armo Biosciences (Nasdaq: ARMO), a Bay Area immuno-oncology company, agreed to be acquired by Eli Lilly (NYSE: LLY) in a $1.6 billion transaction (see story). Last year, Armo raised $67 million in a 2017 Series C-1 funding from China investors. Four months ago, Armo completed a $128 million IPO at a $500 million valuation. Lilly offered to pay $50 per share for Armo, a three-fold increase from the IPO price and a 67% jump from its previous close, to acquire the company with its portfolio of immuno-oncology candidates.  

Luye Pharma (HK: 2186) of Yantai will acquire rights to AstraZeneca's (NYSE: AZN) Seroquel in the UK, China and other countries for $538 million (see story). Seroquel is an atypical anti-psychotic used to treat various forms of depression, schizophrenia, bipolar disorder and other conditions. The agreement includes Seroquel (quetiapine fumarate) and Seroquel XR, which produced revenues of $148 million annually in the covered territories. The drugs are off-patent in most countries. After a transition period, Luye will manufacture the drug.

WeDoctor, an online healthcare platform, closed a $500 million pre-IPO funding at a $5.5 billion valuation (see story). WeDoctor, which is part of TenCent(HK: 0700), China's giant internet company, is expected to list on the Hong Kong exchange later this year with a goal of raising $1 billion. The latest round was led by AIA Group, a medical insurance company, and NWS Holdings. AIA will become the preferred insurance provider for the site.  

WuXi AppTec (SHA: 603259) completed a $345 million IPO of the company's main CRO business on the Shanghai stock exchange (see story). WuXi's stock price rose 44% almost immediately after the stock market opened. Previously, WuXi listed its WuXi Biologics business in Hong Kong and its STA small-molecule operations on China's Third Board. Its WuXi NextCODE genomics services remains unlisted. The company was taken private just over two years ago.