IASO Bio × Medisix Therapeutics Acquisition Analysis
文件清单与数据索引 / Document Inventory & Data Index
Project Code Name: Project Tengen
Date Prepared: 2026-03-20
Classification: CONFIDENTIAL — For Internal Use Only
1. Source Material Inventory (资料清单)
1.1 IASO Bio Background (驯鹿生物背景资料) — PRIMARY
| # |
File |
Type |
Key Data Points |
| 1 |
reference/IASO Bio background/Cure_AP_Deck_Consol_v11.pdf |
PDF (60pp) |
Morgan Stanley/CCB International AP deck; financials FY2023-2024; pipeline; market data; shareholding |
| 2 |
reference/IASO Bio background/Cure_NDR_Deck_EN_vS4.pdf |
PDF (60pp) |
NDR deck; IPO use of proceeds; global CGT market projections |
| 3 |
reference/IASO Bio background/IASO introduction for J.pptx |
PPTX (11 slides) |
Feb 2026 company introduction; partnership milestones; clinical data summary |
| 4 |
reference/IASO Bio background/2026 Operating Master Plan_2026年战略项目列表.csv |
CSV (496 lines) |
200+ strategic projects for 2026; Medisix acquisition explicitly listed |
| 5 |
reference/IASO Bio background/2026 战略方向.png |
PNG |
5 strategic pillars for 2026 including M&A and HK IPO |
| 6 |
reference/IASO Bio background/战略二级计划.png |
PNG |
Sub-plan grid with project codes and owners |
| 7-17 |
reference/IASO Bio background/iaso-raw-web/01-overview.md through 10-milestones.md |
MD (11 files) |
Company overview, products, technology, team, partners, news, milestones |
1.2 Medisix Dataroom (标的公司数据室) — PRIMARY
A. Assessment Reports (评估报告)
| # |
File |
Type |
Key Data Points |
| 18 |
reference/Medisix Dataroom/评估报告/1.驯鹿资产评估项目_评估报告20250930_260206_20260211-clean.doc |
DOC |
Asset valuation report (binary format — requires manual review) |
B. Legal Due Diligence (法律尽调报告)
| # |
File |
Type |
Key Data Points |
| 19 |
reference/Medisix Dataroom/法律尽调报告/...FinalClean_NC.pdf |
PDF (64pp) |
ArrowGates LLC legal DD report (Jan 13, 2026); corporate structure; intercompany loan $12M; CPN $29M+; insurance gaps; IP chain; employment issues |
| 20 |
reference/Medisix Dataroom/法律尽调报告/...FinalClean_NC翻译.doc |
DOC |
Chinese translation of legal DD (binary format) |
C. Financial Due Diligence (财务尽调报告)
| # |
File |
Type |
Key Data Points |
| 21 |
reference/Medisix Dataroom/财务尽调报告/Medisix项目-尽职调查报告-盖章版.pdf |
PDF (40pp) |
EY financial DD report (Dec 29, 2025); historical P&L; cash position $80K (Sep 2025); R&D spend $29.35M cumulative; CPN structure; ESOP |
D. IP Due Diligence (IP尽调资料)
| # |
File |
Type |
Key Data Points |
| 22 |
reference/Medisix Dataroom/IP尽调资料/02. MediSix PCART7 IP Strategy + FTO_From Medisix 20251208.pdf |
PDF (20pp) |
WSGR IP strategy; 7 patent families; 116 patents; FTO analysis |
| 23 |
reference/Medisix Dataroom/IP尽调资料/FTO_From Medosix 20251208.pdf |
PDF (14pp) |
WSGR FTO/patent landscape; 2,500+ patents reviewed; competitor analysis |
| 24 |
reference/Medisix Dataroom/IP尽调资料/03. PCTSG2016050063家族稳定性评估_From Tiplab 20251103.pdf |
PDF (27pp) |
TiPLab patent stability assessment; core PEBL platform family; vulnerability analysis |
E. Contracts (合同)
| # |
File |
Type |
Key Data Points |
| 25 |
Contracts/Dario Campana/ |
PDF (4 files) |
Founder service agreement + 3 amendments; USD 75K/quarter; term to Apr 2028 |
| 26 |
Contracts/National University of Singapore/ |
PDF (multiple) |
NUS exclusive license; PEBL technology; royalties 1.5-2.5%; milestones up to SGD 1.75M; sublicense sharing up to 40%; NUS equity participation up to 10% |
| 27 |
Contracts/WuXi Advanced Therapies/ + WuXi AppTec/ |
PDF (multiple) |
LVV manufacturing MSA (EXPIRED Feb 2025); feasibility study SG; BIOSECURE risk |
| 28 |
Contracts/Lonza Houston Inc/ |
PDF (multiple) |
cGMP manufacturing MSA (TERMINATED Nov 2021); $3.5M sunk cost; M&A carve-out favorable |
| 29 |
Contracts/JTC/ |
PDF (3 tranches) |
Singapore lab lease; change of control consent required |
| 30 |
Contracts/Benchling/ |
PDF |
ELN SaaS; freely assignable |
| 31 |
Contracts/TMC/ |
PDF |
Regulatory CRO; customer assignment permitted; EU SME services |
| 32 |
Contracts/Andrew Bruce/ |
PDF |
Consulting agreement Dec 2025; GBP 1K/day; 2,220,948 options |
| 33 |
Contracts/Independent Director/George Poste/ |
PDF |
Director agreement; USD 50K/year; 92,540 options |
| 34 |
Contracts/Ospedale Pediatrico Bambino Gesu/ |
PDF |
CDA; M&A successor assignment permitted |
| 35 |
Contracts/Genscript Biotech/ |
PDF |
Gene synthesis PO; SGD 16,100; low risk |
F. Corporate (公司治理)
| # |
File |
Type |
Key Data Points |
| 36 |
Corporate/MediSix Group Structure.pdf |
PDF |
MT Inc (USA) → MT SG structure; 2019 parent flip |
| 37 |
Corporate/Cap Table/ |
XLSX |
Shareholder structure (not machine-readable) |
| 38 |
Corporate/2019 Series A/ |
PDF |
Lightstone, TLS Beta, Osage; $20M |
| 39 |
Corporate/2025 Convertible Promissory Notes/ |
PDF (5 tranches) |
$2.85M bridge notes; 8% compound; maturity Mar 31, 2026 |
| 40 |
Corporate/Stock Option Plan/ |
PDF |
2019 Incentive Plan; 16.66M share pool |
1.3 Medisix Internal Eval (内部评估) — REFERENCE
| # |
File |
Type |
Key Data Points |
| 41 |
Medisix项目内部评估报告-20251226.docx |
DOCX |
Master internal assessment; PEBL platform; pipeline staging; strategic rationale |
| 42 |
MediSix Summary (CMC DD)(20251213)(v4.0).docx |
DOCX |
CMC assessment; plasmid status (no stock); LVV (WuXi); Lonza Prodigy failure; G-Rex process |
| 43 |
附件1 吕萌教授访谈纪要.md |
MD |
Prof. Lu Meng interview; scFv humanization risk; NMPA endpoint requirements; CD7+ AML market concerns |
| 44 |
附件2 潘静博士访谈纪要.md |
MD |
CRITICAL: Dr. Pan Jing interview; "CD7 has NO commercial value"; CD99 #1 priority; autoimmune no payment willingness |
| 45 |
附件3 OPBG Franco Locatelli会议纪要.md |
MD |
Prof. Locatelli meeting; 9/9 MRD-neg CR; manufacturing data; multi-center expansion plan |
| 46 |
附件4 EMA注册评估(CD7-CART01).md |
MD |
EMA regulatory pathway; CMA via SAT; sample size requirements; LVV/RVV separate products |
| 47 |
附件5 专家汇总意见.md |
MD |
Expert consensus; PEBL = core asset; CD99 > CD7 commercially |
| 48 |
附件6 靶点深度评估(CD99_CD70_B7-H3_CD5_CD3).md |
MD |
Target expansion ranking; CD99 #1, CD70 #2; CD5 on hold (safety) |
| 49 |
附件7 专利族谱及IP评估.md |
MD |
116 patents, 7 families; core expiry 2036; FTO clean |
| 50 |
附件8 知识产权策略建议.md |
MD |
IP strategy recommendations |
| 51 |
附件9 EMA Scientific Advice/ |
Multiple |
EMA scientific advice submissions, responses, minutes, final advice letter |
| 52 |
附件10 竞品分析.md |
MD |
Competitor analysis (Wugen, PersonGen, Biocellix, ICell) |
| 53 |
Tengen Checklist 250107.md |
MD |
Deal timeline; SPV "Metis Bio"; SPA signing target end Jan 2026 |
| 54 |
!Expense estimation.xlsx |
XLSX |
Key expense estimates (not machine-readable) |
1.4 Public / External Data (公开信息) — SECONDARY
| # |
Source |
Key Data Points |
| 55 |
Nature Medicine (Dec 2024) |
PCART7 17-patient case series; 94.1% MRD-neg CR; safety profile |
| 56 |
ASH 2024 (Blood) |
OPBG 9-patient data; 100% MRD-neg CR at Day 28 |
| 57 |
Blood (2025) |
Anti-CD7 CAR-T for AML expansion |
| 58 |
ClinicalTrials.gov NCT06064903 |
Phase I/II at OPBG; active enrolling |
| 59 |
GlobeNewsWire (May 2018) |
Series A $20M; Lightstone + Temasek + Osage |
| 60 |
GlobeNewsWire (Sep 2017) |
NUS licensing agreement announcement |
| 61 |
Wugen press releases (2025-2026) |
BTD, $115M raise, pivotal trial first patients |
| 62 |
BIOSECURE Act (Dec 2025 NDAA) |
WuXi implications; 5-year transition |
| 63 |
Roche/Poseida (Nov 2024) |
$1.5B comparable transaction |
| 64 |
BMS/2seventy bio (Mar 2025) |
$286M comparable transaction |
| 65 |
Market research reports |
CAR-T market $4.6-12.9B; T-cell lymphoma $2.25B |
2. Cross-Reference Matrix (交叉引用矩阵)
2.1 Data Consistency Check
| Data Point |
Source 1 |
Source 2 |
Source 3 |
Status |
| Medisix total funding |
~$50M (EY FDD) |
$42.9M (PitchBook) |
$62.9M (Tracxn) |
⚠️ DISCREPANCY — likely due to unreported convertible notes |
| Headcount |
28 avg FY23→5 Sep 2025 (EY) |
~16-18 (Medisix website) |
4 Dec 2025 (ArrowGates) |
✅ CONSISTENT timeline of decline |
| PCART7 clinical efficacy |
94.1% MRD-neg CR (Nature Med) |
100% Day28 CR (OPBG/ASH) |
10/11 MRD-neg CR (Internal Eval) |
✅ CONSISTENT across sources |
| Cash position Sep 2025 |
$80,333 (EY FDD) |
$80K (Internal Eval) |
— |
✅ CONSISTENT |
| CPN outstanding |
~$24.5M (EY) |
$29M+ guaranteed (ArrowGates) |
— |
⚠️ CLARIFICATION: $24.5M CPNs + $2.85M bridge notes + accrued interest ≈ $29M+ total |
| Core patent expiry |
2036 (Internal Eval) |
2036-2039 (WSGR) |
— |
✅ CONSISTENT |
| Campana compensation |
$75K/quarter (Founder Agreement) |
$300K/year (Internal Eval) |
— |
✅ CONSISTENT |
| R&D cumulative spend |
$29.35M (EY FDD) |
PCART7 $17.7M (Internal Eval) |
— |
✅ CONSISTENT (PCART7 = 60.3% of total) |
| InterCompany loan |
~$12M (ArrowGates) |
$12M (Internal Eval) |
— |
✅ CONSISTENT |
| NUS royalty rate |
1.5-2.5% (NUS License) |
— |
— |
Single source |
| OPBG clinical cost |
EUR 230K/patient all-in (Internal Eval) |
— |
— |
Single source |
2.2 Key Data Gaps (⚠️ DATA GAP)
| # |
Gap |
Impact |
Priority |
| G1 |
Asset Valuation Report (评估报告) in .doc binary format — cannot read |
Missing deal valuation methodology and recommended price |
🔴 CRITICAL |
| G2 |
Cap Table XLSX not machine-readable |
Cannot verify waterfall analysis or fully diluted ownership |
🔴 CRITICAL |
| G3 |
Expense estimation XLSX not machine-readable |
Missing detailed forward expense projections |
🟡 HIGH |
| G4 |
NUS Amendment 3 and 4 terms (under negotiation) |
Unknown changes to license terms post-acquisition |
🔴 CRITICAL |
| G5 |
scFv humanization status |
Unknown immunogenicity risk (murine vs humanized) |
🟡 HIGH |
| G6 |
WuXi current operating status (MSA expired Feb 2025) |
Unclear manufacturing continuity |
🟡 HIGH |
| G7 |
Stock Incentive Plan acceleration provisions |
Unknown option treatment on change of control |
🟡 HIGH |
| G8 |
CHLA/Stanford license restrictions on LVV (WuXi MSA §3.3.9) |
Unknown third-party IP constraints |
🟡 HIGH |
| G9 |
NUS equity participation current status |
Could create dilution in transaction |
🟡 HIGH |
| G10 |
Medisix revenue projections / commercial model |
No forward revenue model available |
🟠 MEDIUM |
3. Entity Relationship Map (实体关系图)
ACQUIRER SIDE:
┌─────────────────────────────────────────┐
│ Nanjing IASO Bio (驯鹿生物) │
│ • Founder: Zhang Jinhua │
│ • Revenue: RMB 207.5M (FY2024) │
│ • Employees: 480+ │
│ • Key product: Fucaso (BCMA CAR-T) │
│ • HK IPO planned 2026 │
├─────────────────────────────────────────┤
│ SPV: Metis Bio Pte. Ltd. │
└────────────────────┬────────────────────┘
│ Acquisition
▼
TARGET SIDE:
┌─────────────────────────────────────────┐
│ MT Inc (USA, Delaware) — Parent │
│ • Shareholders: Campana, Bruce, │
│ ClavystBio, Lightstone, Osage, EDB │
│ • Options: 14.1M outstanding │
│ • CPNs: ~$29M+ maturing Mar 2026 │
├─────────────────────────────────────────┤
│ Medisix Therapeutics Pte Ltd (SG) — Sub │
│ • Reg: 201627927H │
│ • InterCo loan: $12M to MT Inc │
│ • NUS License holder │
│ • JTC lease holder │
│ • Employees: 4 (Dec 2025) │
└────────────────────┬────────────────────┘
│
KEY RELATIONSHIPS:
│
├── NUS (IP Licensor) — Exclusive PEBL license
├── OPBG/Bambino Gesu (Clinical Partner) — Phase I/II trial
├── WuXi ATU (CDMO) — LVV manufacturing (MSA expired)
├── Dario Campana (Founder/Inventor) — Consulting $300K/yr
├── Andrew Bruce (Former CEO) — Consulting GBP 1K/day
├── Franco Locatelli (Clinical PI) — OPBG trial lead
└── JTC (Landlord) — Singapore lab space
Document inventory complete. Proceeding to full analysis.