Tessa Therapeutics in $120M cell therapy JV with China-Singapore Guangzhou Knowledge City

Singapore-based Tessa Therapeutics, a Temasek-backed clinical stage biotech company, says it will establish a joint venture with China-Singapore Guangzhou Knowledge City (CSGKC). The joint venture will be the sole licensee of Tessa's cell therapies for research, clinical development and commercialization in China.

Tessa and CSGKC will invest a combined total of $120 million in the joint venture, of which CSGKC will contribute $80 million and Tessa $40 million, in two stages. In the first stage, CSGKC will contribute $40 million for 13% stake in the joint venture, while Tessa will contribute $20 million and its technology license rights for China. Tessa will hold the remaining 87% stake in the joint venture.

"China is an important market in our goal to develop innovative cell therapies and make them widely accessible for cancer patients all over the world," commented Tessa chief executive and co-founder Andrew Khoo.