Recent Articles in IPO/Stock Watch

Shanghai Hrain Biotechnology will stage an IPO on Shanghai’s STAR board that is expected to raise $352 million for its cell therapy programs. The company used CAR-T, CAR-NK and TCR-T technology to develop a portfolio of 11 candidates. Three of Hrain’s self-developed CAR-T candidates have started clinical trials, while its BCMA T-cell injection HR003 was granted China breakthrough therapy. The company expects to file an NDA for its lead product, a CD19-targeted CAR-T HR001, in 2023, which will be reviewed under priority rules. More details....

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Beijing AIM Vaccine conducted a very small IPO on the Hong Kong exchange raising just US$20 million, which netted the company only US$10 million. Previously, the company was hoping to raise up to US$125 million. Interest in the offering was low, with less than 1% of the company shares sold in the offering. The company claims to be the second largest vaccine company in China based on its volume of released vaccines. It is the only China company capable of developing all five types of global vaccine platforms, including mRNA. More details....

Stock Symbol: (HK: 06660)

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Beijing YishengBio will merge with a SPAC vehicle, Summit Healthcare Acquisition, to list on the NASDAQ Exchange at a pre-money equity value of $834 million. Last year, the company filed to IPO in Hong Kong, but did not complete the transaction. Yisheng develops new generations of vaccines and therapeutic biologics for infectious diseases and cancer. The merger is expected to provide up to $230 million in cash to YishengBio, including $30 million from new investors and up to $200 million currently in Summit's trust account. The company will change its name to YS Biopharma. More details....

Stock Symbol: (NSDQ: SMIH)

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Xuanzhu Biopharm, a novel drug subsidiary of Sihuan Pharm based in Jinan, has filed for an IPO on the Shanghai STAR Exchange that would raise $345 million. Now 20 years old, Xuanzhu has developed a portfolio of more than 25 small molecule and biologic candidates, including two NDA stage products. The company has built a 400-member team led by returnee scientists that develops new drugs through its own R&D without depending on in-licensings or CROs. Earlier this year, Xuanzhu completed a $96 million Series B financing. More details....

Stock Symbol: (HK: 0460)

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Apollomics, a Foster City-Hangzhou oncology company, has agreed to merge with Maxpro Capital Acquisition, a special acquisition company formed to take a company public. Apollomics is developing a pipeline of nine clinical, pre-clinical and discovery stage drug candidates for patients with difficult-to-treat cancers, including products for lung cancer and leukemia. The agreement implies a market value of $899 million for Apollomics, which will retain up to $105 million of cash. Existing Apollomics shareholders will own 87% of the new entity’s stock after the closing, expected to occur during the first quarter of 2023. More details....

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