Chinese pharmaceutical company Jacobio Pharma (HK:1167) announced on Wednesday that its subsidiary Beijing Jacobio Pharmaceuticals Co Ltd has entered into a Capital Increase and Equity Transfer Agreement with China-based investment management firm Oceanpine Capital and an industry partner.

Under the agreement, Oceanpine Capital will acquire 80% equity interest in Beijing Jacoray Pharmaceutical Technology Co Ltd (Jacoray) for a total consideration of CNY200m (comprising CNY125m as the upfront payment and an additional CNY75m as a second instalment milestone payment). On completion, Beijing Jacobio, Oceanpine Capital, and the industry partner will hold 10%, 80%, and 10% of Jacoray, respectively.

Jacoray is the project company for Jacobio's early-stage cardiovascular research programme. Jacabio says that the transaction aligns with its strategic focus on developing innovative oncology therapies, including KRAS and iADC, by optimising capital allocation, enhancing operational efficiency, and adopting a risk-sharing model to retain long-term project value. Proceeds from the transaction will primarily support R&D, production, and commercialisation of Jacobio's Pan-KRAS inhibitor and other oncology assets.