(Yicai Global) March 8 -- The United States Committee on Foreign Investment has given the green light for Sino Biopharmaceutical to acquire F-star Therapeutics, a US-listed clinical-stage biopharm company, for USD161 million.

Sino Biopharm unit invoX Pharma will become F-star’s new owner, according to the deal the pair signed last June, the Cambridge-based firm said in a statement yesterday.

The acquisition will allow Sino Biopharm to access F-star's candidates for different stages of clinical trials, enhance its global tumor immunology pipeline, and complement its portfolio of core checkpoint inhibitors and other products, the Chinese drugmaker said last June.

Founded in 2006, F-star focuses on developing next-generation immunotherapies for cancer patients. Its stock [NASDAQ: FSTX] surged 16.7 percent to close at USD7.12 yesterday. Sino Biopharm [HKG: 1177] fell 1.4 percent to HKD4.20 (54 US cents) apiece today.

Editor: Futura Costaglione