Recent Articles in IPO/Stock Watch

Burning Rock Biotech of Guangzhou, a company that offers precision medicines cancer testing, completed a $223 million IPO on the NASDAQ. The company placed 13.5 million ADSs at a price of $16.50 each. The ADSs opened 50% higher, giving Burning Rock a market capitalization of $2.5 billion. In addition to its precision medicine business, the company is developing tests for early cancer detection based on next-gen sequencing. It raised an additional $25 million in a private placement at the offering price. More details....

Stock Symbol: (NSDQ: BRN)

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Simcere Pharma of Nanjing has filed with the Hong Kong Exchange for an IPO that is rumored to seek $500 million. Previously, Simcere was listed in the US, but it was taken private in 2013 for $500 million by management and Hony Capital. The company is an active dealmaker, using partnerships and in-house R&D to build a portfolio of nearly 50 novel candidates in development. In 2019, the company's ten generic products produced a profit of $140 million on $708 million in revenue. More details....

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In a very successful debut offering, Nanjing Legend Biotech priced its US IPO above the expected range at $23 per ADS, raising $424 million. The company's ADS's climbed 60% higher to $36.60 in early trading, giving Legend a market capitalization of nearly $5 billion. In 2017, Legend announced its anti-BCMA CAR-T therapy produced a 94% overall response rate in myeloma patients. Six months later, Janssen formed a 50-50 partnership with the company for the CAR-T candidate in a $1 billion-plus deal, including $350 million upfront. More details....

Stock Symbol: (NSDQ: LEGN)

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As Nanjing Legend Biotech moves toward its NASDAQ IPO, it has set a proposed range of $18-$20 per ADS for the offering, which would raise $350 million and value Legend at $2.6 billion. In 2017, Legend surprised the world when its anti-BCMA CAR-T therapy produced a 94% overall response rate in pretreated multiple myeloma patients. Six months later, Janssen Pharma paid $350 million upfront to partner the candidate. Janssen has added another $110 million in milestones so far, and it could make up to $1.3 billion in remaining payments. More details....

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Suzhou Kintor Pharma completed a $240 million IPO on the Hong Kong Exchange. Kintor is focused on androgen receptor related diseases including prostate cancer, breast cancer, liver cancer and alopecia. Its pipeline includes novel small molecule drugs, biologics and combination therapies. Kintor expects its lead drug, a prostate cancer candidate known as proxalutamide, will be approved for China commercialization later this year. The IPO was more than 500 times oversubscribed, and Kintor's shares rose slightly in initial trading. More details....

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