Daily Update: Biond Biologics Forms China Oncology JV; Deloitte Names New APAC CEO; Li & Fung Acquires Majority Stake in New Advent Global; AMTD Buys Ritz-Carlton Perth and Malaysian Hotel Assets

BIOND BIOLOGICS, GUANGZHOU-ISRAEL BIOTECHNOLOGY FUND ANNOUNCE STRATEGIC INVESTMENT AND JOINT VENTURE TO ADVANCE ONCOLOGY PROGRAMS IN CHINA

Biond Biologics, a private clinical-stage biotechnology company developing immunotherapies for cancer and immune-mediated diseases, and the Guangzhou-Israel Biotechnology Fund (GIBF), a life science investment fund, Monday said they have made a strategic $8 million investment together with the formation of a China-based joint venture to advance Biond’s innovative oncology pipeline.

The newly established joint venture will focus on accelerating the development of Biond’s lead programs, including BND-67, a therapy targeting CD28 shedding, as well as BND-22, a Phase 2 anti-ILT2 antibody and additional pipeline assets. 

The collaboration is designed to leverage Biond’s oncology science together with GIBF’s expertise in the Chinese biotechnology ecosystem, including clinical development, regulatory strategy, and local collaborations. Through this partnership, Biond and GIBF aim to accelerate clinical execution, expand combination strategies, and maximize the value of Biond’s pipeline within the Chinese market.

BND-22 is a Phase 2 anti-ILT2 checkpoint inhibitor designed to restore anti-tumor immunity by targeting the ILT2–HLA-G axis. BND-22 has demonstrated efficacy in heavily treated cancer patients in indications that hardly respond to Immuno-Oncology (IO) therapies, such as MSS-CRC, and is currently being evaluated in an ongoing Phase 2 study at MD Anderson Cancer Center.

BND-67 is Biond’s immunotherapy and an asset targeting CD28 shedding, a novel immune evasion mechanism with the potential to redefine T-cell modulation in cancer. 

Given the central role of CD28 in T-cell activation, BND-67 introduces a fundamentally new approach to restoring immune responsiveness. By preserving CD28 signaling, it enhances effector T-cell activity while selectively inhibiting regulatory T-cell function, driving a potent and sustained anti-tumor response. The program is IND-ready, with a Phase 1 trial planned for Q2 2026.

“Entering this strategic partnership with GIBF marks an important milestone in advancing our pipeline globally,” said Ori Shilo, CFO and Co-Founder of Biond Biologics. “By combining our novel scientific approaches with GIBF’s deep understanding of the Chinese biotech landscape, we are well-positioned to accelerate the development of our lead programs, BND-22 and BND-67, and expand their potential across key indications, leveraging both our clinical and business capabilities and the scale of the Chinese market.”

“We are pleased to partner with Biond Biologics, a company developing differentiated therapies targeting novel immune pathways,” said Avner Lushi, Managing Partner of GIBF. 

“The Chinese biotech market has rapidly evolved into a leading source of innovation, supported by clinical development and strong translational science. We believe that leveraging GIBF’s unique investment model will enable the efficient advancement of Biond’s assets and create meaningful value for both patients and stakeholders in the coming years. Together with Biond, we are also seeking additional collaborations across Asia to further expand Biond’s capabilities and geographic footprint.”

DELOITTE APPOINTS ROBERT HILLARD AS ASIA PACIFIC CHIEF EXECUTIVE OFFICER

Deloitte Asia Pacific, Monday said it has appointed Robert Hillard as Asia Pacific Chief Executive Officer, commencing a four-year term. Mr Hillard’s appointment was endorsed by partners across Asia Pacific, and he succeeds David Hill following the completion of his four-year term on 31 May 2026.

“Asia Pacific is where the most consequential economic and technological decisions are now being made. Home to over 40 percent of the world’s Fortune Global 500 companies and driving the majority of projected global economic growth and prosperity, this is where the future of business is being shaped. The convergence of AI and the region’s growth creates an opportunity to serve clients with a level of precision, speed and scale not previously possible. Deloitte has the capability, the relationships and the reach to lead that transformation, and we intend to do so with discipline and pace,” said Mr Hillard.

A senior business leader with deep experience across consulting, technology and transformation, Mr Hillard has spent his career working with clients across Asia Pacific on their most complex strategic and operational challenges. Most recently he served as Deloitte Asia Pacific’s Consulting Businesses Leader, where he drove significant growth through AI-powered client solutions and alliances with leading technology firms. 

He sees this as a pivotal moment for the region – one where economic trajectory, technological change and demographic shift are converging in ways that will define Asia Pacific’s prosperity for a generation. His focus as CEO will be ensuring Deloitte is at the centre of that convergence, helping the businesses and institutions of this region grow, transform and contribute to a more prosperous Asia Pacific.

Outgoing Asia Pacific CEO David Hill said: “Rob is one of the most capable technology and transformation leaders in professional services. He understands how AI and emerging technologies will reshape how clients are served and has spent his career building the skills, relationships and credibility to lead through that change. Deloitte Asia Pacific will be well served by his leadership.”

Under Mr Hill’s leadership, Deloitte Asia Pacific grew to become the largest professional services firm in the region. Deloitte Asia Pacific expresses its deep appreciation to David Hill for his outstanding leadership and the very significant contribution he has made to the firm.

Haruko Nagayama has been appointed as Deloitte Asia Pacific’s Chair, effective 1 June 2026, and will oversee the governance of the member firm alongside Deloitte Asia Pacific’s Board. Ms Nagayama had served as Chair of Deloitte Tohmatsu Group (Japan) and as a member of the Deloitte Asia Pacific Board since 2022. She brings more than 30 years of experience at Deloitte, including extensive audit expertise across large public global companies. The Deloitte Asia Pacific Board also acknowledged the contribution of Dennis Chow, who steps down as Chair following a tenure marked by principled leadership and a strong commitment to the integrity of the business.

LI & FUNG TO ACQUIRE NEW ADVENT GLOBAL FOR $250 MILLION

Hong Kong-based publicly held supply chain major Li & Fung Limited Monday said it is acquiring a 55% equity interest in New Advent Global, a business comprising three product verticals, for a total consideration of US$250 million.

“The acquisition strengthens Li & Fung’s product capabilities, expands its customer reach, and enhances the scale and competitiveness of the Group’s global supply chain platform,” the company said.

The consideration will be satisfied through an initial payment of US$130 million in 2026 and deferred payments totaling US$120 million payable over four years from 2027 to 2030, it added.

The transaction structure preserves the Group’s liquidity position and supports continued balance sheet discipline.

New Advent, a product vertical focused platform, is a principal supplier to leading global retailers and brands across three product verticals: furniture, knitwear and beauty products with total net sales of approximately US$1.7 billion for FY 2025. 

It operates an integrated, asset-light model spanning design, product development, sourcing, production management, quality control, and logistics.

New Advent comprises the businesses divested by the Group to an investor consortium led by Fung Holdings 1937 Limited and a leading private equity investor in 2018 as part of the Group’s strategic simplification and operational transformation initiatives.

AMTD GROUP ACQUIRES THE RITZ-CARLTON, PERTH AND UPPER VIEW REGALIA HOTEL IN MALAYSIA FOR CUMULATIVE VALUE OF $110 MILLION

Hong Kong based diversified publicly held AMTD Group Saturday said it has acquired 50% interests in The Ritz-Carlton, Perth, Australia, for a total consideration of US$72 million (A$100 million), with the property valued at US$201 million (A$280 million). 

The company further added that it has also acquired super majority interests in the Upper View Regalia Hotel in Kuala Lumpur, Malaysia, for a total consideration of US$38 million.

Located in Perth, the vibrant capital of Western Australia, The Ritz-Carlton, Perth is the centrepiece of the Elizabeth Quay development on Perth’s waterfront. 

Perched on the edge of the Swan River, the hotel offers unobstructed views of the river, the city skyline, and surrounding urban parks through floorto-ceiling windows. This irreplaceable location underpins the property’s compelling long-term appreciation potential.

The hotel comprises 205 luxury rooms, a restaurant and lounges, a bar, a spa, an infinity pool, a fitness centre, and versatile event spaces. As the 100th Ritz-Carlton hotel globally, the property holds strong symbolic significance within the brand’s portfolio.

The completion of this transaction represents another important strategic milestone in the expansion of its hospitality portfolio. Upon closing, AMTD’s hospitality portfolio now totals nearly 1,000 rooms,further reinforcing its expanding footprint and long-term commitment to the global hospitality space.

On the Malaysian strategic acquisition, the company said The Upper View Regalia Hotel is located at Kuala Lumpur and is strategically positioned in the heart of the city’s main commercial and business district. The property enjoys excellent connectivity and convenient access to key landmarks, including Sunway Putra Mall and Putra World Trade Centre.

The property comprises 129 guest rooms and 80 car parking bays, and features a signature rooftop infinity pool offering panoramic views of the Kuala Lumpur skyline by day and night.

“Malaysia represents a key strategic market for AMTD, underpinned by resilient economic growth, robust consumer spending, and one of the largest Chinese‑speaking populations outside China. AMTD is committed to meeting the evolving hospitality and mobility needs of Malaysia’s growing Chinese and broader Asian communities,” the company said.