Sino Biopharmaceutical Completes Acquisition of F-Star Therapeutics; Long-Run Global Strategy Intact

On March 7, F-Star announced that its acquisition by narrow-moat Sino Biopharmaceutical, or SBP, was finally cleared by the Committee on Foreign Investment in the U.S. SBP first announced the proposed acquisition in June 2022. Despite the long timeline of the committee's review, we view this outcome as positive for SBP and clears up long-standing uncertainty.