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CrownBio is One of Several Life Science Companies Planning Taiwan IPO

publication date: Jul 29, 2016
 | 
author/source: Richard Daverman, PhD and Henry Ye

Crown Bioscience International, a preclinical US-China CRO/CMO focused on cancer, recently applied for listing on the Mainboard of Taiwan's GreTai Securities Market. At the recent BioTaiwan conference, there was considerable "buzz" about listing in Taiwan, even if, like CrownBio, the biopharma companies aren't located there. Singapore's Aslan Pharma, for example, is said to be considering Taiwan for its upcoming IPO, and JHL Biotech, a high profile Taiwan-China biosimilar company formed by US-biotech veterans, listed in Taiwan last year.

Several Taiwan life science companies are also transitioning to GreTai's mainboard: Onyx Healthcare (medical IT), UnicoCell Biomed (stem cells), Reber Genetics (animal vaccines) and Lumosa Therapeutics (novel drugs).

Founded in 2006, CrownBio claims to have the world's largest collection of patient-derived xenograph in vitro  and in vivo models for cancer, covering the ethnic diversity of  Europe, the Americas and Asia. The company uses the models to help clients determine the efficacy of their oncology and metabolic drug candidates, before they enter clinical tests. It also offers DMPK analysis and translational medicine research.

Headquartered in California's Silicon Valley, the company operates wholly-owned research facilities in North Carolina, San Diego, Beijing, Taicang (near Shanghai) and the UK. It has more than 150,000 square feet of AAALAC-acredited animal vivaria.

The company raised $26.6 million in 2014 in a Series D funding led by Ely Lilly (NYSE: LLY) (see story). It has previously been supported by other well known life science investors including Qiming, Orbimed and WR Hambrect + Company. CrownBio's present Chairman of the Board, Guo-Liang Yu, was once a Venture Partner at Orbimed, as well as Chairman, President and CEO of Epitomics, a company he co-founded. Epitomics was sold to Abcam of the UK in 2012 for $155 million.

In 2015, CrownBio reported $43 million in revenue and a pre-tax profit of  $4.7 million. The company listed its shares in February of 2016 on Taiwan's Emerging Stock Market, a subsidiary of the GreTai OTC exchange. After six months it is eligible for listing on the GreTai Mainboard, and it has filed for the transfer.

Taiwan has a vibrant life science industry. Over the past few years, its drug regulatory agency has built a relationship with China's, and the two have established a protocol for reciprocal acceptance of clinical trials, using four hospitals in each country. Now, it seems poised to offer an alternative site for life science IPOs as well.

See our other articles on CrownBio.

Disclosure: none.



 

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