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Chinese biopharmaceutical company announced on July 15 that it will acquire 95.09% of the equity of Shanghai Lixin Pharmaceutical for a total price of about $500 million. In addition to the 4.91% equity acquired during Lixin's previous round of financing, Lixin Pharmaceutical will become a wholly-owned subsidiary of Chinese biopharmaceutical company after the transaction is completed. There have been market rumors that the authorization agreement reached between Lixin and Merck for the PD-1/VEGF bispecific antibody LM-299 has been "returned". In response, Chinese biopharmaceutical company stated that the cooperation between Lixin and Merck is progressing in an orderly manner according to the licensing agreement. "Currently, we are advancing technology transfer, and after completing the technology transfer according to the transaction contract, Lixin will receive a $300 million milestone payment for the technology transfer. According to a previous press release by Merck, it is expected that this technology transfer will be completed by 2025," Chinese biopharmaceutical company stated.