Recent Articles in Top Stories

Innovent Biologics has priced its Hong Kong IPO to raise $421 million, very close to the top of the expected range. The company set its offering price at HK$13.98, just below the top of the range. The successful IPO shows investors are still interested in young China biopharmas, even though the three earlier pre-revenue biotech IPOs in Hong Kong saw their prices slide lower once they began trading. The IPO values Innovent at $2 billion; its shares will begin trading in one week, on October 31. More details....

Share this with colleagues:

CANbridge Pharma of Beijing and WuXi Biologics announced a strategic partnership to develop new treatments for rare diseases. The partnership combines WuXi Biologics’ discovery, development and manufacturing capabilities with CANbridge’s expertise in clinical development of orphan drugs. CANbridge expects to file the first China rare disease IND application from the partnership in 2019. WuXi Biologics will receive upfront payments, plus potential milestones and royalties on global sales for the partnership's programs. More details....

Stock Symbols: (HK: 2269)

Share this with colleagues:

Innovent Biologics of Suzhou plans to raise $422 million in its Hong Kong IPO at a $2 billion valuation, according to multiple media reports. The company, formed in 2011, struck a major $1 billion collaboration with Lilly in 2015. It has a pipeline of 17 candidates (a combination of novel drugs and biosimilars), nine of them in clinical trials and four in Phase III tests. The underwriters will price the shares on October 23, with trading expected to start October 31. More details....

Stock Symbol: (NYSE: LLY) 

Share this with colleagues:

WuXi AppTec has filed for a Hong Kong IPO that is expected to raise at least $1 billion. The company, China's largest CRO/CMO, completed a $354 million IPO on the Shanghai Exchange just over four months ago. Since then, its shares have nearly quadrupled, giving the company a market valuation of $13.1 billion. This is in addition to the $13.4 billion valuation of WuXi Biologics, which IPO'd in Hong Kong one year ago. Three years ago, the company was privatized by its Chairman, Ge Li, plus investors that included Ally Bridge Group and Hillhouse Capital. More details....

Stock Symbol: (SHA: 603259) (HK: 2269)

Share this with colleagues:

Mabpharm Limited, a Taizhou biotech, has filed to IPO in Hong Kong, the eleventh pre-revenue China biopharma to do so. Mabpharm is developing a portfolio of nine biosimilars, which it hopes will prove to be biobetters. Three of the candidates are in Phase III trials. They were initially discovered by Sinomab, which spun out Mabpharm to develop the drugs, while Sinomab continues to focus on its CRO/CMO operations. Mabpharm intends to make manufacturing of biologic drugs part of its business as well. CDH Investments has backed the company and currently holds 22% of its shares. More details....

Share this with colleagues: